Arab Oil Embargo

Cleveland Indians v New York Yankees

In October 2013, exactly 40 years after the 1973 Arab Oil Embargo, the Energy Information Administration (EIA) announced that the US produced more crude oil than it imported. According to EIA, estimated domestic crude oil output averaged 7.7 million barrels per day in October – the highest in 25 years – while oil imports were 7.6.… Keep reading →

Merkel Inaugurates Energy-Efficient House

The US made significant energy efficiency inroads following the 1973 oil embargo, but fresh supplies of cheap energy hit markets in the mid-1980’s, bringing renewed complacency that caused lawmakers to backslide on efficiency measures. Famed innovator and energy researcher Amory Lovins sets the stage for a new energy efficiency surge in his latest blog post:… Keep reading →

Israel marks 30th anniversary of the 1973 Yom Kippur War

With all the coverage of the 1973 Arab Oil Embargo – which began on this day 40 years ago – it’s interesting to get a major oil company’s perspective. And not just any oil company, but one of the original “7 Sisters,” London-based BP. This video features commentary from former BP Chairmen, Sirs Eric Drake… Keep reading →

General Election - Documents Stock

Classic economic theory says markets behave rationally, but the global oil market is largely an exception where emotion and politics can influence price formation as much as supply and demand. While various actors like Opec and consuming-country governments can impact prices to a certain extent, price movement in the modern oil business is bound by… Keep reading →

Web-Based Boycott Of Exxon Mobil Hopes To Lower Gas Prices

Most oil analysts and market observers feel nostalgic this week, as they consider how the global oil market changed in the 40 years following the Arab oil embargo. Citi’s Ed Morse credits the embargo with triggering the largest transfer of wealth in modern history – due to the spate of oil company nationalizations that followed… Keep reading →

Bahrain, Home Of U.S. Navy's 5th Fleet

Daniel Yergin, vice-chairman of IHS Cera, has published an op-ed in the Wall Street Journal to commemorate the 40th anniversary of the Arab Oil Embargo of 1973. The piece drives home a central point: oil production and pricing can adapt relatively quickly to changing circumstances, provided that governments refrain from stepping in to influence them. “A… Keep reading →

High Oil Prices Continue To Drive Gas Prices Steadily Upwards

The 40th anniversary of the Arab oil embargo against states that supported Israel during the Yom Kippur War is an appropriate occasion to evaluate the state of the international oil market. The embargo started on October 16th, 1973. The global petroleum system was irrevocably altered by the embargo and the global oil business forever transformed… Keep reading →