The 1973 oil embargo removed 4.5 million barrels per day from global supply. Today, that figure stands at 20 million.

The world still runs on petroleum. That's what many are finding out after the shocks reverberating across the global economy as the Strait of Hormuz remains closed, shutting off a large portion of ...

The world economy is experiencing a disorienting flashback to the 1970s.

Add Yahoo as a preferred source to see more of our stories on Google. During the infamous oil embargo of 1973, when the world’s petroleum-producing countries stopped exporting to the United States ...

In October 1973, oil-producing countries in the Middle East imposed an oil embargo, among other measures, on the United States and other countries that had supported Israel during the Yom Kippur War.

Hormuz crisis is only the latest in a line of geopolitical flashpoints that shaped India’s energy strategy over the years, starting from OPEC oil embargo that followed the Yom Kippur war.

Forbes contributors publish independent expert analyses and insights. I write about economic policy for the 21st century. Last month, I warned that gasoline prices could rise to perhaps $10 a gallon.

The chief economist of Exxon Mobil, which is dependent on the Middle East for much of its ...

IEA chief Fatih Birol says the Hormuz-driven supply shock is worse than the oil crises of 1973, 1979, and 2022 combined.

Fuel economy rules have reduced U.S. dependence on oil. Trump ripped them up — and then sent gas prices through the roof.

Oil prices rose 4x in 1973, causing inflation and a stock market crash. Prices are rising right now, but they will have nowhere near the impact on the economy at current levels. Buying North American ...