In October 1973, an oil crisis began after the Organization of Arab Petroleum Exporting Countries (OAPEC) instituted an oil embargo on the United States. At first the U.S. began to ration oil, which caused long lines at the pump. By March 1974, when the embargo ended, the price of oil had increased by 300%. This was known as the "first oil shock" for the U.S., and the 1979 oil crisis was coined the "second oil shock."
Some analysts have said that the 1973 oil embargo and the 1979 second oil shock influenced policies and the U.S. attitude toward oil consumption over the long term by increasing the importance of energy conservation and the exploration of alternative energy. However, our present-day 2022 prices at the pump and the cost of diesel would argue otherwise.
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Ref: Gas crisis 1974
10 ноя 2022
