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1973 CE The sixties & seventies Politics & power

OPEC Oil Embargo Begins

Arab OPEC members began an oil embargo in October 1973 targeting supporters of Israel during the Yom Kippur War.

Setting the scene

Prices quadrupled quickly, feeding stagflation narratives and station fistfights on local news.

What happened

Nixon-era price controls complicated market adjustments while diplomacy sought ceasefires.

Why it still matters

Long-term, SUVs returned anyway once memories faded. Memorable detail: 'Sorry, No Gas Today' signs became garage-sale Americana props.

Background

The shock sped fuel-economy rules, nuclear debates, and petrodollar recycling that reshaped 1970s macroeconomics.

Sources

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