th Anniversary of the 1973 Oil Embargo: Where Are We Now?
Since the 1973 oil embargo disrupted U.S. and world energy markets, per capita use of petroleum in America has dropped, but oil imports have risen to record levels, well above those seen 25 years ago. These and 28 other major energy trends are reported in 25th Anniversary of the 1973 Oil Embargo: Energy Trends Since the First Major U.S. Energy Crisis prepared by the Energy Information Administration at the U.S. Department of Energy. The report is being released today in advance of the embargo’s 25th anniversary in October. The year 1973 is still remembered for a sharp run-up in energy prices, energy shortages, and long lines at many gasoline stations. A doubling of automobile efficiency over the last quarter century has made a major contribution to the 11 percent reduction in per capita use of petroleum, even as new-vehicle horsepower rose 15 percent over the same period. A number of other trends indicate progress since 1973: • The world has diversified its sources of oil, with the sha
