SUPPLY: Preparing for Arab Oil

The lifting of the Arab embargo on oil sales to the U.S. had been coming so long that when it was finally announced last week most of the emotional impact had been spent. Not so the economic impact. Within a day of the official announcement, President Nixon proclaimed the end of gasless Sundays in the U.S. General Motors canceled layoffs of 27,000 workers that had been scheduled to begin this week, in the hope that greater availability of gasoline would halt the deep slump in car sales. Gulf Oil slashed prices of jet fuel, kerosene and heating...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!