How This Oil Supply Shock Compares to the Embargo of 1973
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The Bottom Line
Current oil supply shock affects global markets with no clear resolution timeline.
How This Affects You
Oil supply disruptions are affecting global markets but governments have stockpiles and cars are more fuel-efficient than in 1973.
AI Summary
Governments have built oil stockpiles and cars have become more fuel-efficient since the 1973 embargo, but the current supply shock affects global markets with no clear timeline for resolution. The uncertainty over duration distinguishes this crisis from the 1973 oil embargo.
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PoliticsTrump says US is waiving certain oil-related sanctions to ensure supply - Reuters
<a href="https://news.google.com/rss/articles/CBMivAFBVV95cUxOY2hoRHduMmoyTDE5d09iS3VQTWtpT2FXYVFrU01SSHlxLUY3V0pNUFJWcW1rS3lhSl9sYUlGRXZCR28zRFdvcWRueVJTOVZwcHBHd01nNWdZTWw3ZnYta3FTZFFqNWxwNVc0ZDlEaDNXdU1uNXgyTERBV2ZXelp1NjFfNk5XVUdtV2pQaGROZkJxODYxM0hoUWFsNkZjUnZlV1M1NGxFbEZhaGFmWXVkUXdoZDl2VjY1dXBoTA?oc=5" target="_blank">Trump says US is waiving certain oil-related sanctions to ensure supply</a> <font color="#6f6f6f">Reuters</font>
PoliticsFrom the archives: How Americans grappled with the 1973 oil crisis
On Nov. 29, 1973, CBS News aired a special report titled "Making It Through This Winter," spotlighting the ways Americans were making do amid the oil crisis. Watch the program in full.
GlobalWar with Iran delivers high oil prices and another shock to the global economy
Much of the pain is being caused by an effective closure of the Strait of Hormuz, which carries a fifth of the world's oil.
GlobalIran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas - AP News
<a href="https://news.google.com/rss/articles/CBMipwFBVV95cUxQdUdYamNCcWdEdDNoTDBCU0wwOFZOVENDZmdZMUxtbzRFQnFJVERBb3lRa20ydmZhenVEcG5qajh0d0F0VF9Ja0x1c0hXOThhMFB4QXk0R0FTT1pkblh0MjJEMVBwYmZHYVNqM010UWo4dkx6NkVoZU1xX19DSURxcjQyQllxZGFUZG15MnJUTFZxbGkwMnBxVm5ReTdvd2wxVEc5Nk5Ccw?oc=5" target="_blank">Iran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas</a> <font color="#6f6f6f">AP News</font>
GlobalA world at war: The Iran conflict goes global
<p>Ten days into President Trump's <a href="https://www.axios.com/world/iran" target="_blank">Iran</a> campaign, the war has gone global.</p><ul><li><a href="https://www.axios.com/2026/03/03/iran-war-countries-gulf-qatar-us" target="_blank">At least 20 countries</a> are now militarily involved — shooting, shielding or quietly supplying — while a widening energy shock punishes nations far from the front lines.</li></ul><p><strong>Why it matters: </strong>This isn't World War III. But it may be the closest we've come in decades — drawing in more countries, more great powers and more overlapping conflicts than any crisis since the Cold War.</p><hr><p><strong>Zoom in: </strong>Iran has <a href="https://www.axios.com/2026/03/02/iran-war-expanding-israel-lebanon-gulf-cyprus" target="_blank">struck at least 10 countries</a> since the war began, hitting U.S. and Israeli bases, Persian Gulf capitals, oil infrastructure and civilian areas in an attempt to impose maximum pain on Washington and...
GlobalIran keeps up pressure on oil infrastructure as concerns of global energy crisis grow - AP News
<a href="https://news.google.com/rss/articles/CBMioAFBVV95cUxPNHlpakYzV29uWUcta3BPbDdFZnk2cEQ5WlNkZ0FHczdodk9Rb1hNZWEtRXRiQnE5THllenhSYzBlRnMzTU51N0U1d2xqeWx6aWdYek0wblE5NFpuV3NJMGNQdlRBU2phclQ0T3RXcnJlYnRrYTJzTlh4MktmYlF3NW9Fa2YwbXpmNGVzV3pMSGl1cUk2T0ozdV81dVQ2YUFJ?oc=5" target="_blank">Iran keeps up pressure on oil infrastructure as concerns of global energy crisis grow</a> <font color="#6f6f6f">AP News</font>
Trump administration orders restart of California offshore oil operations - The Hill
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