Arab oil embargo (1973-74)
OPEC's Arab members embargoed oil exports to the U.S. and other Israel supporters. Crude prices quadrupled, gas lines formed, and the federal government imposed price controls and odd-even rationing.
The embargo ended in March 1974 after diplomatic negotiations, but prices stayed elevated and the U.S. economy slid into recession.
It created the Strategic Petroleum Reserve, fuel economy standards, and a lasting federal role in energy policy.
Shows how governments turn to emergency powers and price controls when energy prices spike suddenly — the same playbook Healey is using.
