OPEC embargo +40: What have we learned?
OPEC embargo +40: What have we learned? / Kathleen Araujo, Power & Policy, 18/10/2013
This week marks the 40th anniversary of the OPEC oil embargo. On October 16th, 1973, the Organization of Petroleum Exporting Countries raised the price of oil by 70%. Production curtailments were set in motion, and an embargo was imposed. Oil prices quickly quadrupled. This wasn’t the first or last time that major shifts in energy prices would dominate the world news. What is most enlightening, though, is how countries have learned to enhance their energy resilience…