Forty years of OPEC Handling

Four decades ago this month, members of the Organization of Petroleum Exporting Countries (OPEC) has launched an oil embargo against the United States in retaliation for the continued support of Israel in the time of need. As the Jewish state fought the Soviet support Egyptian and Syrian army in what became known as the Yom Kippur War, the actions of OPEC sent oil prices skyrocketing and our economy in a recession. Unfortunately, 40 years later, we have not learned the right lessons from this experience: you have to disconnect the transport sector depends on oil from OPEC and the …