1973 Oil Embargo
Arab members of OPEC cut oil exports to the United States and its allies over the Yom Kippur War, quadrupling prices and forcing rationing and long gas station lines.
U.S. oil consumption fell sharply as prices soared and supply shrank.
Congress passed fuel-economy standards and the 55 mph speed limit, reshaping energy policy for a decade.
2026's decline also flows from a supply disruption raising prices. The open question is whether it leaves lasting policy changes behind, as 1973 did.
