1973 oil embargo reshapes Western energy policy
Arab oil producers cut exports to Israel's allies, quadrupling crude prices within months. Governments responded with fuel-economy standards, efficiency programs, and nuclear and heating diversification to cut oil dependence.
Petrol prices and rationing hit consumers; economies slowed.
Lasting efficiency standards and fuel-switching policies emerged that persist decades later.
Like 1973, today's price shock is pushing governments to use policy to cut fossil dependence. Heat pumps are the current fuel-switching technology, and tax policy determines whether they win.
