Does OPEC Still Have the U.S. Over a Barrel?Roundup: Talking About History
tags: OPEC, oil embargo
Steven Mufson, author of “Keystone XL: Down the Line,” covers energy and other financial news for The Washington Post.
In October 1973, the Arab members of OPEC pointed at the United States — and fired.
The Arab nations in the Organization of the Petroleum Exporting Countries imposed an embargo on direct oil shipments to the United States in retaliation for U.S. support for Israel, which was battling invasions by Egypt and Syria. They also announced production cuts of 5 to 10 percent....
The 1973 oil shock — which led to a quadrupling of international oil prices — exposed U.S. and European weaknesses. The embargo, magnified by ham-handed U.S. price controls and rationing, triggered gasoline lines and forced President Richard Nixon to call for a 50 mph highway speed limit, a six-degree cut in winter thermostat settings, shorter hours for gas stations and fewer Christmas lights. And yes, he became the first of eight consecutive presidents to call for energy independence.
Four decades later, does OPEC still have the United States and Europe over a barrel?...
comments powered by Disqus
- Donald Trump Is Wrong on Mosul Attack, Military Experts Say
- Emmett Till memorial sign is riddled with bullet holes and has been repeatedly vandalized
- Posthumous pardons law may see Oscar Wilde exonerated
- Has an Election Ever Been Rigged in U.S. History?
- A short history of white people rigging elections
- Steven Runciman — historian, tease and professional enigma — is the subject of a biography
- Historian Eric Foner: Trump is Logical Conclusion of What the GOP Has Been Doing for Decades
- Ken Burns developing 'The Gene' based on Mukherjee's bestseller
- Does the 'Father' of the 1948 Ethnic Cleansing Narrative Really Want to Recant His Words?
- Max Boot wants to know “what the hell happened to my Republican Party?"