By RON KLEIN | HEARTLAND INSTITUTE
The oil embargo of 1973 imposed by the Organization of Petroleum Exporting Countries and other Arab oil-producing nations was imposed in response to the United States’ support of Israel during the Yom Kippur War.
The embargo led to a sharp increase in oil prices and a shortage of fuels for the military, airlines, ships, and vehicles in the United States and other countries, as well as a shortage of products from oil.
Few may remember the long lines at gas stations which were one of the most visible effects of the oil embargo. In some cases, people waited for hours to fill up their tanks. The shortage of oil also led to price increases, and many people were forced to make sacrifices to conserve fuel.
The oil embargo of 1973 was a major event in the history of the United States. It led to a recession in the United States and other countries. It also led to thoughts of a needed energy policy in the United States. The United States began to develop alternative sources for oil and for electricity, such as solar and wind power.
President Richard Nixon played a key role in the construction of the Trans-Alaska Pipeline, which carries oil from Prudhoe Bay on Alaska’s North Slope to the port of Valdez. Nixon signed the Trans-Alaska Pipeline Authorization Act into law in 1973, and he worked to overcome environmental and political opposition to the project. The pipeline began operating in 1977 and has since transported more than 15 billion barrels of oil.
President Richard Nixon gave a speech on America’s energy policy on November 7, 1973, in which he outlined his plans to reduce national energy consumption and called on U.S. citizens to follow his lead in achieving energy independence.
In his speech, Nixon acknowledged that the United States was facing an oil crisis for the American economy’s demands for fuels, and the products that are based on crude oil, and he blamed the crisis on several factors, including the Arab oil embargo, the growth of the U.S. economy, and the country’s continued reliance on foreign oil.
Read about all of Nixon’s energy initiatives and how 50 years later, there is no American policy for energy independence at this link.