The question everyone is asking in the markets is has the oil price
peaked? The best way to answer this question is to get a sense of
perspective by looking at the cyclical nature of the oil market.
During the Yom Kippur war in October 1973, the Arab oil producers
discovered that it had another weapon, an oil embargo. Arab oil ministers
agreed to cut production by 5% from the September 1973 level, and to keep
cutting by 5% in each succeeding month and also applied a total ban on oil
exports to the US and the Netherlands, countries friendly to Israel. The
oil price quadrupled.