Fifty years ago today, on October 17, 1973, a group of Arab oil ministers announced an embargo on oil exports to the United States and other countries in retaliation for America’s support of Israel in the Arab-Israeli War. What followed is seared into the American psyche: Fuel shortages across the country left drivers waiting for hours at the gas pump. Even the White House’s Christmas tree remained unlit as a sign of austerity.
The Arab Oil Embargo has defined energy policy in Washington ever since. In the decades following, markets evolved and governments developed new tools to deal with fuel shortages. But underlying risks remain.
What is the legacy of the Arab Oil Embargo? How do today’s energy security risks compare to those from 1973? And how does the climate crisis complicate efforts to address them?
This week host Jason Bordoff talks with Dr. Daniel Yergin about the legacy of the Arab Oil Embargo, the current crisis in the Middle East, and the outlook for energy security.
Dan is the vice chairman of S&P Global, a major financial information and analytics company. He is the author of several books on the history of energy, including his newest, The New Map: Energy, Climate and the Clash of Nations and his Pulitzer Prize winner, The Prize. He is widely regarded as one of the world’s foremost experts on energy, economics, and geopolitics.
Dan spoke at the Center on Global Energy Policy on October 11, 2023 for an event marking the 50th anniversary of the Arab Oil Embargo. His keynote remarks can be found here.