Is the US still Vulnerable to Global Oil Price Shocks?
On 19th October, 1973, immediately following the Nixon administration’s affirmation of a USD 2.2 billion military aid package to Israel in the aftermath of the Yom Kippur War, the Arab states responded by imposing an oil embargo on nations supportive of Israel. The resultant oil price shock was so grave that in the United States, gasoline prices increased by up to 40 percent in a matter of months, leading to rationing of fuel resources, the formation of hours-long lines at gas stations across the country, and polarisation of politics at home.
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