38. 10/6/1973

"The [third] Arab-Israeli war began on October 6, 1973. One week later, the Arab nations of OPEC [Organization of Petroleum Exporting Countries] agreed to a full oil embargo against the United States. …The embargo hurt the American and global economy, but not the oil companies. In the case of Saudi Arabia, in particular, it was the U.S. oil companies that actually implemented the embargo. When the Saudis told Aramco not to send oil to the United States, the oil companies acceded. In addition, rather than accept lower profits, the American oil companies passed along their higher costs to the American consumer by increasing prices."

 – The Tyranny of Oil, Antonia Juhasz, 10/6/1973

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