When the United States supported Israel in the 1973 Yom Kippur War, its oil supply from the United Arab Emirates, Saudi Arabia, Kuwait, Libya and Algeria was cut off. US oil prices tripled.
To guard against future disruptions, Congress passed the Energy Policy and Conservation Act of 1975, dictating that US crude could no longer be exported, with a few exceptions.
This ban on domestic crude exports still stands today—though maybe not for much longer. In May of this year, US Energy Secretary Ernest Moniz announced that lifting the ban is “under consideration.” In April, it was discussed in a House subcommittee hearing on terrorism, nonproliferation and trade. In March, politicians suggested that the United States export oil to Ukraine to replace the oil that Russia threatened to withhold during…