Opec Quotes
A UN ceasefire ended hostilities on October 22, 1973, but the OPEC embargo against the United States remained in force while the organization further increased the price per barrel to the rest of the world. What followed was an interesting case study in network breakdown and cascading failure. In fact, the embargo never actually achieved a shutoff of OPEC oil imports to the United States. All but about 5 percent of the needed supply found its way to America by a circuitous route as allocations to other nations were surreptitiously redirected. But the base price of a barrel of oil did eventually more than quadruple by the time the embargo was called off in March 1974. And the price rise, alone staggered the West and Japan. Already at that time, public transit was a thing of the past and about 85 percent of Americans drove to work every day.
James Howard Kunstler
