MarketWatch | Cheap oil may trigger a new era of OPEC dominance, warns IEA MarketWatch This had severe consequences for the U.S. in 1973 when Arab members of OPEC imposed an oil embargo against the country as a response to the American decision to support the Israeli military and its involvement in the Yom Kippur War. The embargo led ... Oil rebounds from sharp selloff, volatility expected Cheap oil – and petrol – here to stay Oil down 8 percent on gloomy US, global demand outlooks |