OPEC’s 1973 embargo sparked the first global energy shock

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

Iran’s 1979 revolution sparked a second oil shock—and reconfigured global energy markets

Widespread strikes in Iran’s oil sector during the 1978-79 revolution slashed production and triggered panic buying, flooding oil markets with fear.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC’s dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

OPEC can roll out production cuts among its members to control oil’s global supply and price

The Organization of the Petroleum Exporting Countries (OPEC) was created to coordinate and unify petroleum policies to secure fair and stable prices. During the pandemic, for instance, the organization pushed through production cuts in an attempt to stabilize prices.

Oil prices have been volatile for decades

This explainer shows oil’s rollercoaster: OPEC-led embargoes in the 1970s, shale surges in the 2000s, and the US flip to becoming a net oil exporter in 2020.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

A report found that the 2026 Iran war is the largest oil supply disruption in history

Oil flow through the Strait of Hormuz—responsible for roughly 20% of the world's oil supply—plummeted from 20 million barrels a day to "a trickle" during the initial weeks of the conflict between Iran, Israel, and the United States.

OPEC has grown from five to 12 members since 1960

OPEC’s official members page features profiles for all 12 current member countries—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, and Venezuela—detailing their joining history, national data, and links to individual country pages.

Oil’s legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil’s pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

The number of annual oil spills has dropped dramatically since the 1970s

Oil spills from oil tankers—which can have a sharp, short-term impact on oil prices—have become increasingly rare over the decades in part because of stricter regulations.

The Seven Sisters were a dominant midcentury Western oil consortium

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

The 1956 Suez crisis was one of the earliest tests of the rules-based order

When Britain, France, and Israel secretly invaded Egypt, the Eisenhower administration supported UN resolutions condemning the invasion and called for a ceasefire—publicly criticizing its closest allies to uphold the principle that force should not be used to resolve international disputes.

Timeline: the Middle East conflict

During the First World War, Western and Arab powers negotiated the future political status of Arab lands. Since WWI, a complex history of political, economic, and social events have fueled tension and violence between Israel and Palestine. This timeline, compiled by Al Jazeera, highlights important global events defining conflict in the Middle East from 1915 to 2007.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

How crude oil is split across oil markets based on geographic origin

Brent, West Texas Intermediate, and Dubai are the three crude oil classes and differ in terms of typical refinery uses, density, sulfur content, and suitability for financial benchmarking. Brent, which originates in the North Sea, is traders' go-to benchmark, in part, because it is easily shipped and politically stable, and used to price most of the crude sold internationally.

Embargoes and economic mismanagement have pushed Cuba into its worst crisis in decades

For more than 60 years, Cuba has been pressured by two forces—the US economic embargo and its own government's repression and mismanagement. NPR's Throughline podcast explains how both contributed to today's blackouts, food shortages, and mass exodus.

Why people hated permanent daylight saving time in 1974

Messing with the amount of daylight each day has consequences, as America found out in 1974 when it first passed all-year daylight saving time. See why it was revoked less than a year later.

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis

As the stock market plummeted in 2008, SWFs with cash on hand were able to snap up critically undervalued assets that eventually posted large profits. The Government of Singapore Investment Corp. and Abu Dhabi Investment Authority invested $14.4B in Citigroup, resulting in a $1.6B profit for the GSIC when it sold half of the holdings in 2009.

Watch a 1986 television special about the discovery of the ozone hole

The groundbreaking discovery of the Antarctic ozone hole in the mid-1980s marked a critical turning point, galvanizing international action to address the ozone-depleting properties of chlorofluorocarbons, which had been identified about a decade earlier. This environmental crisis was brought vividly to public attention through media pieces like this one.

The US and the USSR each boycotted Olympic Games during the Cold War

The US led a boycott of the 1980 Moscow Olympics over the Soviet invasion of Afghanistan. In retaliation, the USSR and its allies skipped the 1984 Los Angeles Games.

COVID-19's shock to employment rates sparked some economists to fear deflation

COVID-19 simultaneously disrupted the supply chain and the labor market. Since the unemployment rate had hit record highs, some economists were worried that the supply chain would recover before the labor market. If that had happened, businesses would have been producing goods, but no one would have been able to buy them because they wouldn't have the disposable income to do so.

Drug trafficking in the MENA

The Middle East and North Africa is a major source, transit point, and consumer of illicit drugs. Despite having some of the harshest penalties for drug-related crimes, the region both influences and is negatively impacted by illicit substance abuse...

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The Kent State massacre sparked a nationwide student strike

In 1970, the Ohio National Guard opened fire on Kent State University students—peacefully protesting the Vietnam War—and killed four. The tragedy led to more widespread nationwide protests, shutting down more than 200 colleges and universities. The event led to a Pulitzer Prize-winning photo of a slain and grieving student.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

American dance legend Martha Graham, sometimes called 'the Picasso of dance,' refused to perform at the 1936 Olympics in Berlin and conceived the piece 'Chronicle' in response to the experience.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Exploring the Larry Bird punch that almost changed March Madness

Waves off the coast of Nazaré, Portugal, can reach over 100 feet and are caused by the area's deep underwater canyon geography

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

Fireworks-related ER visits are on the rise—in 2024, they increased by 52% as compared to the prior year.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The first image of a black hole was captured by creating an Earth-sized virtual observatory from a network of eight radio telescopes.

Poison ivy is in the same family as mangoes, cashews, and pistachios—and they all produce oily urushiol in their raw, unprocessed state—but they are typically prepared in ways to avoid causing human discomfort.