WATCHING WASHINGTON REMEMBERING THE 1973 EMBARGO
With Patrick Crow Oct. 17 is an anniversary the oil industry might rather forget. On that date in 1973 Arab oil producers, in support of allies fighting Israel in the Yom Kippur War, began an oil embargo against the U.S. and Netherlands. The embargo later was extended to several other countries. The cutoff sent world oil prices and inflation soaring. It soon became ineffective and was lifted, but oil prices remained three or four times their previous levels.