What happened 44 years ago?

[dan_s]

Today (10/17/2017) is the 44th anniversary of the Arab Oil Embargo.

This is an old article that explains what happened: http://www.ogfj.com/articles/print/volu ... hadow.html

To refresh, the Arab Oil Embargo was the Organization of Petroleum Exporting Countries' decision to cut oil exports to the United States, the Netherlands, and Denmark for providing military aid to Israel in the Yom Kippur War of October 1973. Initially, exports were to be reduced by 5% per month until Israel evacuated the territories occupied in the Arab-Israeli war of 1967. However, in December, a full oil embargo was imposed and prompted a serious energy crisis in the US and other nations dependent on foreign oil.

Prior to the embargo, gasoline often sold for $0.25/gallon.