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The Arab embargo 50 years ago weaponized oil to inflict economic trauma – sound familiar?

  • Written by Jim Krane, Fellow in Energy Studies, Baker Institute for Public Policy; Lecturer, Rice University
The Arab embargo 50 years ago weaponized oil to inflict economic trauma – sound familiar?Cars lined up for gasoline in New Jersey in 1973 as supplies ran low and prices shot upward.Frederic Lewis/Archive Photos/Getty Images

Fifty years ago, a secret deal among Arab governments triggered one of the most traumatic economic crises to afflict the United States and other big oil importers.

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