OPEC Oil Embargo (1973-1974)
Arab OPEC members embargoed oil exports to the United States in retaliation for American support of Israel during the Yom Kippur War. Global oil prices quadrupled from $3 to $12 per barrel. American consumers faced gas rationing and long lines at filling stations.
The embargo triggered a global recession and reshaped US foreign policy toward the Middle East.
The US created the Strategic Petroleum Reserve (1975), imposed fuel efficiency standards, and launched decades of energy independence efforts. OPEC's coordination demonstrated that resource-rich nations could reshape global markets.
The Trump administration explicitly cites the SPR as a model for Project Vault, its $12 billion critical minerals reserve. The parallel suggests Washington views Chinese mineral dominance as analogous to 1970s oil dependence—a strategic vulnerability requiring decades of policy response.