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In October 1973, the world learned just how fragile the global oil order really was.
A coalition of Arab states attacked Israel on Yom Kippur. The U.S. responded by sending aid. And within days, OPEC issued an oil embargo against the United States.
The result was immediate and brutal. Oil went from $2.90 a barrel to $11.65 in three months. At the pump, Americans watched prices jump 36% practically overnight. Drivers sat in gas lines for hours, and some stations ran dry before noon. Rationing kicked in.
Americans watched gas prices explode almost overnight while Washington imposed a national speed limit of 55 miles per hour and urged citizens to conserve fuel as a patriotic duty.
