Oil, Gas Industry Faces Largest Crisis in Its History from Iran War—Opinion

Bird's Eye View of an Average Gas Station in Portland During the Early Morning Hours of Pumping. Image courtesy National Archives, 1973. (Photo by Smith Collection/Gado/Getty Images). — A nationwide gasoline shortage caused by the 1973 Arab oil embargo led to this early-morning rush at a station in Portland, Oregon. Amy Myers Jaffe believes the current Strait of Hormuz crisis could also have lasting effects. (Smith Collection/Gado/Getty Images)

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Amy Myers Jaffe, New York University

April 15, 2026 04:54 PM CDT

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