Freelance journalist Steven Sotloff is seen during a work trip inside Al-Fateh Mosque in Manama, Bahrain, on Oct. 26, 2010. The Islamic State group released a video this week that showed a militant beheading the American journalist.
Originally published on Sun October 20, 2013 8:31 am
Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.
Arab oil producers cut off exports to the U.S. to protest American military support for Israel in its 1973 war with Egypt and Syria. This brought soaring gas prices and long lines at filling stations, and it contributed to a major economic downturn in the U.S.
The embargo made the U.S. feel heavily dependent on Middle Eastern oil, which in turn led the U.S. to focus on instability in that region, which has since included multiple wars and other U.S. military interventions.