ONE OF MANY SERVICE STATIONS IN THE PORTLAND AREA CARRYING SIGNS REFLECTING THE GASOLINE SHORTAGE - NARA - 548170

During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military in the 1973 Yom Kippur War. OPEC also decide to quadruple the price of oil in October 1973. This led to a sharp rise in oil prices, from around $3 per barrel to over $12 per barrel by the end of 1974. Some state governments took drastic action to distribute gasoline as evenly as possible and maintain order at gasoline stations. By February 1974, drivers in many Satets found themselves waiting in five-mile lines. The oil crisis had a severe impact on the global economy, leading to high inflation, recession, and unemployment in many countries. The price of basic commodities, such as food and transportation, skyrocketed, and many industries were hit hard by the high energy costs. Western countries, in particular, struggled to adapt to the new economic reality, as they were heavily dependent on imported oil. In response to the crisis, many countries implemented energy conservation measures and sought alternative sources of energy, such as nuclear power and renewable energy. The oil crisis also prompted a greater focus on energy security and independence, as countries sought to reduce their reliance on OPEC oil.

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