Remember the oil crisis of 1973-1974?
The Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC, plus Egypt, Syria and Tunisia) proclaimed an oil embargo in response to U.S. decision to supply weapons and supplies to Israel during the Yom Kippur war.
The embargo went in effect in October 1973 and oil prices immediately jumped from $3 per barrel to $12.
What followed was massive gas shortages and panic -- gas stations served by appointment only to regular customers, or closed altogether; businesses and towns were shutting off electricity to save energy and some towns banned Christmas light to cope with the crisis.
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