Oil shortage

Twenty-eight years ago, on Oct. 6, 1973, the third Arab-Israeli war occurred since the establishment of Israel in 1948. Shortly after this war started, the US supplied $2.2 billion of special supplemental military aid to Israel. The Arab oil-producing nations retaliated by placing an oil embargo on shipments to the US and certain other countries. This boycott removed 10% of the free world's oil supplies from the normal channels of international trade. The war lasted only 16 days; the boycott lasted 5 months.In 1973, prior to the boycott, the US was importing 900,000 b/d of crude oil from the Arab countries, used primarily for heating oil on the East Coast. There was 2,000,000 b/d at P...

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