It is forty years since the Organisation of Petroleum Exporting Countries – OPEC effectively held the US to ransom.
It was October and following Israeli military successes OPEC banned oil exports to Israel’s supporters – the US and the Netherlands.
The result was a tightening of the oil markets, leading to a 400 percent rise. The ripples spread to become a tidal wave as winter approached. There were crippling price hikes and a devastating economic recession. The embargo was lifted after five months.