Trending Now - 1970s Insights Help Shield Global Economies From Oil Crises
WHO:
ABC News - Amy Myers Jaffe, research professor at New York University’s Center for Global Affairs.
ABC News - Lutz Kilian, director of the Federal Reserve Bank of Dallas’ Center for Energy and the Economy.
ABC News - Sam Ori, executive director of the University of Chicago’s Energy Policy Institute.
ABC News - President Richard Nixon.
WHAT:
AP News - Oil consumption topped 100 million barrels a day in 2025, up from fewer than 60 million barrels a day in 1973.
AP News - The International Energy Agency's 32 member countries agreed to release 400 million barrels of oil in March 2026, which included 172 million barrels from the U.S. Strategic Petroleum Reserve.
AP News - Fuel economy for model year 2023 vehicles is 27.1 miles per gallon, up from 13.1 mpg for model year 1975 vehicles.
ABC News - Oil prices are surging due to war in the Middle East, affecting gasoline, diesel, and jet fuel costs.
ABC News - The current situation threatens a return to stagflation, characterized by higher prices and slower growth.
ABC News - Iran has effectively shut off the Strait of Hormuz, impacting 20 million barrels of oil daily, which is one-fifth of global production.
ABC News - Approximately 15 million barrels, or 15%, of daily global oil production is currently missing.
ABC News - In 1973, oil accounted for 46% of world energy supplies; by 2023, this share had fallen to 30%.
ABC News - U.S. oil production increased from 5 million barrels a day in 2008 to 13.6 million barrels a day in 2025.
ABC News - Fuel economy standards have risen from 13.1 miles per gallon for model year 1975 vehicles to 27.1 mpg for model year 2023 vehicles.
WHERE:
ABC News - The Strait of Hormuz, a critical waterway for oil transport.
ABC News - United States, United Kingdom, France, Japan.
WHEN:
ABC News - The 1973 Yom Kippur War occurred in October 1973.
ABC News - The 1973 oil embargo began on October 17, 1973.
ABC News - President Nixon made a televised address on November 25, 1973.
ABC News - The International Energy Agency was established in 1975.
ABC News - The U.S. became a net petroleum exporter by 2019.
ABC News - The Dallas Fed's Kilian wrote a commentary on February 17, 2026.
WHY:
ABC News - The 1973 oil shocks prompted countries to increase energy efficiency and reduce dependence on Middle Eastern oil.
ABC News - The U.S. government began imposing fuel economy standards in response to the oil crises.
HOW:
AP News - The U.S. government began imposing fuel economy standards in 1975, which have contributed to a significant drop in the global economy's dependence on oil.
ABC News - Countries stockpiled oil and established the International Energy Agency to coordinate responses to energy shocks.
ABC News - The U.S. implemented fracking to rejuvenate domestic energy production.
(UPDATED April 12, 2026 17:06 UTC)
Oil consumption has surged to over 100 million barrels a day in 2025, a dramatic increase from fewer than 60 million barrels daily in 1973. In March 20th26, the International Energy Agency's 32 member countries agreed to release 400 million barrels of oil, which included 172 million barrels from the U.S. Strategic Petroleum Reserve. Meanwhile, fuel economy for model year 2023 vehicles has improved to 27.1 miles per gallon, a notable rise from just 13.1 mpg for vehicles from model year 1975, thanks in part to fuel economy standards introduced by the U.S. government that year.
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(UPDATED April 12, 2026 15:07 UTC)
Oil prices are surging due to ongoing conflict in the Middle East, with Iran effectively shutting off the Strait of Hormuz, impacting the flow of 20 million barrels of oil daily, which represents one-fifth of global production. This situation is raising concerns about a return to stagflation, as approximately 15 million barrels, or 15 percent, of daily global oil production is currently missing, affecting gasoline, diesel, and jet fuel costs. Experts like Amy Myers Jaffe from NYU and Lutz Kilian from the Federal Reserve Bank of Dallas are weighing in on the implications of these developments, drawing parallels to the oil shocks of the 1970s that led to increased energy efficiency and the establishment of the International Energy Agency.