With the recent turmoil in the Middle East, there has been increased talk of the possibility for an Arab oil embargo against the U.S. and other supporters of Israel. While for various reasons I don't currently believe this will come to pass, it is a good time to take another look at the embargo of 1973-74. Following is a piece I first did back on July, 2000 in this spot. I have added a few minor points, otherwise, it is as originally written.
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Before there was an OPEC (the Organization of Petroleum Exporting Countries), the great oil companies of the West ruled the roost. Oil is the lifeblood of the industrialized nations. It is used in planes, cars, tanks, skyscrapers, fertilizer, drugs and synthetics. Yet back before the days of OPEC, the great oil companies often retained 65% or more of the revenue from a product that was produced on someone else's property. Then in 1960, many of the oil producing nations, from both the Middle East and elsewhere, formed a cartel to......
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