Fuel prices have soared these past few months, as most oil tankers have been unable to navigate the Strait of Hormuz while the US and Israel fight Iran and its allies.What will happen next is anyone's guess - but fairly recent history provides a worrying precedent.In June 1967, Israel launched a surprise attack on neighbouring Egypt, Jordan and Syria, capturing swathes of territory in just six days. After the ceasefire, Egypt closed the Suez Canal, forcing cargo ships to detour around Africa, increasing import prices for Western nations. Then, in October 1973, Egypt and Syria sought to recapture Israeli-occupied territory, with help from various other Arab nations.AdvertisementAdvertisement"As we write, the situation in the Middle East is still uncertain, and as we close for press there seems little evidence to suggest which way the war is going," commented Autocar. "But already the rest of the world is being made painfully aware that this time the Arab nations are going to have no compunction about using their 'ultimate weapon' - the withdrawal of oil supplies from anyone they suspect of aiding, or even sympathising with, the Israeli cause."Iraq has seized (or nationalised, depending on your viewpoint) two American oil companies operating there. And with both Saudi Arabia and Libya making threatening noises, and the invocation of a jihad by the [religious] leaders, things look black for the future oil supply situation."The very next day after that was printed, the US approved airlifting a monumental $2.2 billion worth of weaponry to the Israelis - and in response its enemies, led by the Saudis, implemented a total oil embargo on the US and slashed production levels. The price of a barrel quickly quadrupled - at a time when the country had already been suffering rampant inflation and growing such that its energy demand exceeded available supply."We must face up to a very stark fact," said US president Richard Nixon in a televised public address. "We are facing up to the most acute energy shortages since World War II. Our supply of petroleum this winter will be at least 10% short of our anticipated demands - and it could fall short by as much as 17%."In an attempt to minimise the shortfall, his government lowered the interstate speed limit to 55mph and encouraged carpooling, while some states felt compelled to ration petrol, based on licence plates. Hours-long queues became a common sight at forecourts.AdvertisementAdvertisementAlthough Britain wasn't under embargo, our government followed suit, reducing the motorway limit to 50mph, making it easier to give colleagues lifts and even issuing petrol ration cards as a precaution. Petrol prices soared from about 8p to 11p per litre (£1.22 in modern money) and forecourt queues formed, particularly in the south-east - but, like the Americans, we were to blame for the turmoil."There are adequate supplies of petrol available if people will make limited cuts in their motoring, [and] the panic filling up of tanks, whereby many people have queued for ages and then bought only small quantities of petrol, has created unnecessary problems for filling stations," trade and industry secretary Peter Walker grumbled while announcing those emergency measures in December.Regrettably, Autocar was unable to comment on these developments, because printers' strikes kept the magazine off the shelves from 15 November to 30 March - industrial action being one of the symptoms afflicting "the sick man of Europe", as Britain was then often called.Enjoy full access to the complete Autocar archive at the magazineshop.comThe first news item on our return was the removal of the 50mph limit, "which we would have supported as vehemently as we decried the 70 limit - because it was necessary. What's more, drivers almost without exception respected it because it made sense which is more than they're doing now, because it no longer does."AdvertisementAdvertisementThe Yom Kippur War officially ended in May 1974, after which the Arab nations lifted their embargo on the US. However, oil prices didn't start falling back down - in fact, they stayed put. It was a short, sharp crisis that had long-lasting, seismic effects on global politics, national economies and the car industry, particularly in the US.We can but wonder whether the 2026 crisis will seem so relevant in retrospect to future generations.]]>
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