Oil Embargo
To punish western supporters of Israel Arab supporters within OPEC stopped shipping them oil. When they lifted the embargo in early 1974, they raised the price of oil dramatically, from under $2 per barrel before the October war, to more than $12. The United States depended on OPEC oil for under 15% of the country's petroleum needs, but it proved critical for transportation and industrial needs. The price hikes rippled throughout the energy industries and caused alternative fuels, such as coal, to increase in price as well. As one manifestation of the energy crisis, Americans impatiently waiting in lines at gas stations to pay higher prices for rationed petroleum products.