When oil disruptions lead to crises: Learning from the Arab oil embargoes 1967 and 1973-74
What is oil dependence and how can it lead to energy crises? What lessons can be learned from history to tackle new energy crisis? And why do some oil disruptions lead to crisis while other do not? This article looks at the Arab Oil Embargo of 1967 and the Arab Oil Embargo of 1973-74 and examines why the Arab oil embargo against the US in 1967 did not lead to a crisis while the Arab oil embargo against the US in 1973-74 did.
November 30, 2011