Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
The Israel-Hamas war is "definitely not good news" for oil markets already stretched by cutbacks in oil production from Saudi Arabia and Russia and expected stronger demand from China, the head of the International Energy Agency said.
"In order to get a sustained move , we really would need to see a supply disruption," said Andrew Lipow, president at Lipow Oil Associates, a Houston-based consultant. "The energy crisis of 1973 taught us many things, but in my mind, the most critical is that American energy strength is a tremendous source of security, prosperity and freedom around the world,'' said Mike Sommers, president and CEO of the American Petroleum Institute, the U.S. oil industry's top lobbying group.
"American oil and gas are needed now more than ever,'' Sommers said. "Let's take to heart the lessons we learned from 1973 and avoid sowing the seeds of the next energy crisis.'' Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime's key sources of funding.
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Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices. But don’t expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise pricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »
Long lines at gas pump unlikely, but Middle East crisis could disrupt oil suppliesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices
Read more »
Long Lines At Gas Pump Unlikely, But Middle East Crisis Could Disrupt Supply, Raise PricesFifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices.
Read more »