The End of OPEC
Forty years after the Arab oil embargo, new technologies are dramatically reshaping the geopolitics of the Middle East.
Forty years have passed since the Arab oil embargo went into effect on Oct. 16, 1973, triggering a period of incredible change and turmoil. But four decades later, the shoe may finally be on the other foot. Now, on the 40th anniversary of the 1973 embargo, the United States has a historic opportunity to lead a counterrevolution against the energy world created by OPEC as innovation in the U.S. energy industry looks poised to end the decades-long, precarious “dependence on foreign oil.” Professor Amy Jaffe and Ed Morse explain.