This Day in History: 1973-10-20

Oil Embargo of 1973 The OPEC oil embargo begins in earnest at this point in 1973, with Saudi Arabia and other Arab oil states banning oil shipments to the U.S. in response to American support for Israel in the Yom Kippur War.The price of oil quadruples from $3 to $12 a barrel, and chronic gasoline shortages vex U.S. drivers who form long gas lines and worry about being able to get to work. The oil embargo is later extended to Western Europe and Japan. The oil embargo was the main inspiration for the creation of the Department of Energy and the push for energy independence in the U.S.