An "oil embargo" is when a country restricts or stops the exportation or importation of oil to another country as a punishment or political strategy. Full definition
After the Arab oil embargo of 1973 and the 1979 fuel crises, a majority of American FR vehicles (station wagons, luxury sedans) were phased out for the FF layout — this trend would spawn the SUV / van conversion market. (en.m.wikipedia.org)
Adding to the turmoil, the OPEC oil embargo in 1973 sent crude prices higher, further hurting U.S. consumers who also battled with the devaluation of the U.S. dollar. (traderhq.com)
That group is made up of 28 member nations, and was formed in the wake of the Arab oil embargo in 1973. (techtimes.com)