1973 oil crisis
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In October 1973, the Organization of Arab Petroleum Exporting Countries announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973
A father and son hold up their sign saying "Gas Stealers Beware, we're loaded for bear" during the Oil Crisis
Gasoline ration stamps printed by the Bureau of Engraving and Printing in 1974, but not used
Gas stations abandoned during the crisis were sometimes used for other purposes. This station at Potlatch, Washington, was turned into a revival hall.
A woman in Oregon uses wood in a fireplace for heat. An October 1973 newspaper headline before her tells of the community's lack of heating oil.
Price of oil
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The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate, Brent C
Oil traders, Houston, 2009
Weekly reports on crude oil inventories or total stockpiles in storage facilities like these tanks have a strong bearing on oil prices.