The Oil Weapon: Can It Be Used Today?(Weapons of Market Destruction: ECONOMICS OF SECURITY‪)‬

In 1973 the Arab oil-exporting countries stunned the world by announcing that they were cutting oil production and placing an oil embargo on the United States and the Netherlands. Now, 35 years later, fears about the security of oil supplies are provoking concern that Iran or a similarly hostile country might have recourse to some form of the oil weapon again. However, upon examination of the historical precedent--the use of the oil weapon in 1973 and 1974--it becomes clear that the oil weapon is a blunt instrument that cannot be applied in a focused manner for any sustained period. [ILLUSTRATION OMITTED]