Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices
FILE - A subcommittee of six Organization of Petroleum Exporting Countries meets to study the prices of oil in Kuwait on Nov. 3, 1973. The meeting comprised Oil Ministers from Kuwait, Saudi Arabia, Iraq, Iran, Abu Dhabi and Qatar. Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
“In order to get a sustained move , we really would need to see a supply disruption,” said Andrew Lipow, president at Lipow Oil Associates, a Houston-based consultant. “The energy crisis of 1973 taught us many things, but in my mind, the most critical is that American energy strength is a tremendous source of security, prosperity and freedom around the world,'' said Mike Sommers, president and CEO of the American Petroleum Institute, the U.S. oil industry's top lobbying group.
“American oil and gas are needed now more than ever,'' Sommers said. “Let’s take to heart the lessons we learned from 1973 and avoid sowing the seeds of the next energy crisis.'' Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime’s key sources of funding.
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