27 Years Ago

In a move that would bring the U.S. auto industry to its knees, the Organization of Petroleum Exporting Countries (OPEC) on Oct. 16, 1973, begins a five-month oil embargo on the United States in retaliation for continued American support of Israel. The resulting 15% shortfall in America's petroleum needs leads to long lines at gas pumps, and a 45% increase in gasoline prices - from an average 36.5 cents per gallon in December 1972 to 52.8 cents two years later.