In 1967, after Israel trounced its Arab neighbors in the Six-Day War, five oil-producing Arab countries used what they called the “oil weapon” and cut off supplies to the United States and its European allies. But the weapon turned out to be a dud. The United States increased its production by a million barrels a day, and more modest boosts by three other oil-producing nations defused the crisis. Now, as the U.N. Security Council ponders sanctions or other tough measures to punish Iran for developing technology could be used for making nuclear weapons, Iran’s president and interior minister have threatened to deploy the oil weapon — and people are taking it seriously. Full Story
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