OIL: Results of a Lifted Embargo

It was the Arab oil embargo that escalated the U.S. energy shortage from a pinch to a crisis—and at the end of last week the Arabs seemed to be on the verge of turning it back into a pinch. Over the weekend, Arab oil ministers began serious discussions of the possibility of lifting the five-month-old ban on oil sales to the U.S. Washington officials privately expressed high hopes that they would also agree to pump oil again at the rates reached before the Arab-Israeli war broke out last October (production has since been cut 15% below that...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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