The Arab Oil Embargo: A Crisis That Saved Us
Forty years ago this month, Syria and Egypt launched a Yom Kippur surprise attack on Israel to regain land and prestige lost in the 1967 Six-Day War. Israeli forces were nearing Damascus and Cairo when a ceasefire took hold. But as the Soviet Union resupplied its Arab clients and President Nixon resupplied Israel, Arab members of the OPEC oil cartel, led by Saudi Arabia, announced a 5 percent monthly cut in oil output, then embargoed oil exports to the U.S. and later others. OPEC provided 35 percent of America’s oil at the time.
Prices soared and deliveries faltered. “No gas today” signs spread. People waited in line for gasoline, risking scuffles and occasional gunshots. America had lost her energy innocence. (Take