Economic Impact

As mention before, the price of oil is increasing and it is having an effect on the economy. In 2002 the price of oil per barrel was around $23 as compard to right now which is around $100. Residents of the United States have taken a notice to the changing prices . In 2002 the price for a gallon of gas in the U.S. was around $1.50 as compared to now where it is $4.00. Oil is like a drug to the U.S. and its addiction isn't getting any lower. During the late 1970's OPEC had issued an oil embargo towards the United States. As a result inflation had occured and gas prices had increased. "With Western countries like Britain, France and the Netherlands on Israel’s side as well, the conflict naturally grew to an enormous scale, and the Arabs responded in 1973 with a revolt against Western powers in the oil embargo." During this embargo the price of gas went up to around $4.15, which is close to todays price. I wonder what todays price would be if there would be an oil embargo. This embargo caused long lines at gas staions and had a toll on the economy. This embargo also influenced the United States to not chose sides in the Middle East because it could have a drastic affect on the the exportation of oil to the U.S.
http://cr.middlebury.edu/es/altenergylife/70's.htm