A repeat of the 1973 Oil Crisis? At the center of the crisis is the Strait of Hormuz, the world’s most important oil chokepoint. In 1973, the Arab oil embargo triggered the world’s first true energy crisis. When oil became a weaponOn Oct. 17, 1973, Arab oil producers launched an embargo against countries that supported Israel during the Yom Kippur War. The crisis prompted the creation of the Philippine National Oil Co. under Presidential Decree 334 in November 1973.
