Chaos in Energy Markets Then and Now: 50 Years After the 1973 Arab Oil Embargo

The 1973 oil embargo took hold after Arab OPEC members, angered by U.S. support for Israel in its war with neighboring states, cut exports to the U.S. and other countries. Crude oil prices quadrupled, and the world saw massive changes in the economy, geopolitics and public policy — including a shift in the control of global oil production from Western companies to governments in the Middle East and elsewhere.

Fifty years later, the embargo’s legacy includes vehicle fuel efficiency standards, and greater interests in domestically produced energy, drilling in deep waters and Alaska, nuclear energy, liquefied natural gas, and renewable energy. And today, energy is again in the headlines, with global energy crises triggered by Russia’s invasion of Ukraine and the risks presented by climate change.

Hosted on Oct. 17 at Baker Hall, this conference will feature remarks from His Royal Highness Prince Turki Al Faisal Al Saud, former ambassador of Saudi Arabia to the U.S., and the Honorable James A. Baker, III, Baker Institute honorary chair and former secretary of state, along with other former policymakers, industry leaders and academics. Together, we will examine the lessons learned from the embargo and their renewed relevance for today’s energy crises — for countries, policymakers, companies and the public.

This event is sponsored by the Baker Institute Edward P. Djerejian Center for the Middle East and Center for Energy Studies.

Registration

This event is free, but registration is required. Click here to attend in person or to receive a link to the livestream.

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Agenda