Weaponized Oil: Lessons from the traumatic energy crises of 1973 for the U.S. economy today
By Jim Krane, Fellow in Energy Studies, Baker Institute for Public Policy; Lecturer, Rice University; and Mark Finley, Fellow in Energy and Global Oil, Baker Institute for Public Policy, Rice University Fifty years ago, a secret deal among Arab governments triggered one of the most traumatic economic crises to afflict the United States and other big oil importers. Saudi King Faisal and other Arab leaders launched an oil embargo on October 17, 1973, as payback for Washington siding with Israel in its war with neighboring Egypt and Syria. The oil market hostilities arose from a pact between Faisal and...
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