We have been here before. We have confronted stark challenges posed by hostile foreign actors using oil as a cudgel. We have struggled and even staggered in these moments, and we have survived them. But we have also been changed in the process.
Drivers and a man pushing a lawnmower line up at a gas station in San Jose, Calif., on March 15, 1974. The Arab oil embargo of the era led to supply shortages, lines at gas stations and prices at the pump roughly doubling.
He is now betting his military can bleed his neighbor country into submission. He is also counting on his own Russian people to endure the economic sanctions imposed by the West longer than citizens of the West can tolerate the soaring energy costs they face as blowback. And yet, we have been here before. We have confronted stark challenges posed by hostile foreign actors using oil as a cudgel. We have struggled and even staggered in these moments, and we have survived them. But we have also been changed in the process.To this day, the phrase"Arab oil embargo" packs a memory wallop for all who remember the 1970s. Few events in the 20th century mattered more for the remainder of that century, or for the lives we lead in this one.
President Richard Nixon intervened, airlifting massive military aid and dispatching U.S. aircraft carriers to the Eastern Mediterranean. The Soviet Union was just as actively arming and urging on the Arab allies. For days the prospect was quite real of a nuclear confrontation with the Soviet Union, a key backer of the Arabs in the region.As Nixon doubled down on the U.S.
It was an era of increasing uneasiness in the country. The Vietnam War was winding down but the economy was slowing and inflation pressures growing even before the gasoline spike. In that same October, Nixon's attorney general and deputy attorney general resigned rather than fire the special prosecutor investigating the Watergate scandal, which involved Nixon covering up for illegal campaign tactics.
As the 1970s wore on, high oil prices contributed to more inflation and an unfamiliar sense of energy insecurity. Then in 1979, events in the Persian Gulf region again triggered a jarring and disruptive crisis when revolution toppled the government in Iran, which had beenIslamic clerics and their followers rebelled against the modernist leadership of Shah Reza Pahlavi in 1979, forcing him from power.
Iraqi troops are beside a roadway in Iran on Oct. 17, 1980. The smoke in the background is from fires along pipelines used to carry oil from the giant refinery at Abadan to Ahwaz and Tehran. The 1980s and 1990s brought a welcome hiatus from energy crises and oil shocks. A combination of factors even produced a surplus in oil markets, as a global recession depressed demand and price-conscious conservation began to matter.
Oil and gas prices did spike again in Bush's term when Iraq invaded its oil-rich neighbor, Kuwait, in 1990. But other producers stepped up, and the U.S. led a military operation in that drove the Iraqis out. So the price effects were relatively minimal and short-lived . There were many factors affecting the elections in the 2000s, to be sure. But the rising cost of energy was felt in each, particularly as support for the Iraq War waned. Bush was reelected in 2004, although by the second-smallest Electoral College margin of any reelected president.
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