What You Need To Know About The Crude Export Ban
How the end to a 40-year-old ban could affect gas prices and the environment.By Kate Grumke | December 17, 2015
In 1973, during the Arab-Israeli war, the Organization of Arab Petroleum Exporting Countries declared an oil embargo in response to U.S. support for Israel. In the U.S., oil prices skyrocketed and there was a gas shortage.
"We have become increasingly at the mercy of others for the fuel on which our entire economy runs," President Gerald Ford said.
The U.S. responded in 1975 with a ban on almost all oil exports, with room for some exceptions. The move was meant to make the U.S. more independent when it came to oil.