When oil supplies ran short and gasoline prices spiked four decades ago, angry drivers demanded relief. Congress responded in 1975 by banning most exports of U.S. crude oil.
Today, domestic oil production is booming, prompting U.S. energy companies to call for a resumption of exporting. Many economists agree.
But would that bring back the bad old days of shortages? Would you end up paying more at the pump?
Supporters of exports say Americans should not allow 40-year-old images of an energy crisis to distort how we see the world today. They argue that in the 1970s, a particular vision of oil markets got embedded into our national psyche, and now it's time to update our worldview to more clearly see what's happening.
To appreciate their argument, let your mind wander back. Pretend it's the fall of 1973:
War is raging in the Middle East. Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries, or OPEC, are looking for ways to hit back at supporters of Israel. They launch an embargo that blocks oil deliveries to the United States.
News reports label the embargo a "political weapon," intended to push America into an energy crisis. Soon, oil prices are quadrupling and lines of cars are snaking around gas stations with empty pumps.
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