What do you remember of the 1973 oil crisis?
In 1973, the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC, plus Egypt,Syria and Tunisia) proclaimed an oil embargo against Canada, Japan, the Netherlands, the United Kingdom, and the United States. By the end of the embargo in March 1974, the price of oil had risen from US $3 per barrel to nearly $12, inflation ran into double digits and stocks tumbled 25 percent. The shock produced chaos in the United States, as the retail price of a gallon of gasoline rose from a national average of 38.5 cents in May 1973 to 55.1 cents in June 1974. In response to the embargo politicians called for a national gas rationing program, President Nixon requested gas stations to voluntarily not sell gasoline on Saturday nights or Sundays, which resulted in lines on weekdays. Top, cars line up at a Gulf gasoline station waiting for fuel; bottom left photo, a man in California waits in line with his lawn mower; bottom right, a gas station worker makes a sign informng customers he is out of gas. Photos by the Associated Press.
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