Asian Spectator

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Rising oil prices, surging inflation: 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
Rising oil prices, surging inflation: 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.

Saudi King Faisal and other Arab leaders launched...

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