The Arab oil embargo of the 1973 might have ended in less than a year, but its repercussions hound us today. In fact, the embargo – coupled with the stock market crash of 1973-1974 – is regarded in some circles as being the first event since the Great Depression to have a persistent e

Let’s step back and get some historical perspective on the defining mood of the early 1970s and the events that prompted the US ban on exporting our crude oil. The video below is from October 17, 1973. In it, NBC’s John Chancellor reports on OPEC’s plan to cut exports of oil to the US

The pressure on Washington to lift the ban on crude oil exports has steadily increased in recent months. With exports of refined petrochemical products like diesel, condensate, and liquefied natural gas (LNG) rising – and imports of crude oil falling – many industry experts say that t