Here's Why Gas Prices Are Skyrocketing Right Now

Read more on this subject: Oil
News Story Source: by M. K. Matthews
Who recalls the oil embargo of 1973?  That was when the Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announced they were cutting oil exports to the United States and other countries that provided military aid to Israel during the Yom Kippur War of October 1973.

In six months' time, gas prices had quadrupled.  Prices remained higher even after the embargo ended in March 1974.

But that could never happen again…Or could it?

The current members of OPEC are made up of twelve countries:  Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

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