1973 Arab oil embargo
Arab members of OPEC cut oil exports to the U.S. and other allies of Israel during the Yom Kippur War. Global oil prices quadrupled, and the U.S. faced long lines at gas stations and rationing.
Fuel prices spiked, the U.S. imposed speed limits and fuel allocation rules, and the economy entered a recession.
The embargo reshaped U.S. energy policy, spurring the Strategic Petroleum Reserve, fuel economy standards, and the creation of the International Energy Agency.
Like the 1973 embargo, the current diesel crisis shows how geopolitical conflict can weaponize energy supplies. But this time the U.S. is easing sanctions to buy fuel from an adversary rather than being cut off by one.
