The last time New York saw such severe restrictions was during the 1970s Arab oil embargo.
And Britain has played a leading role in helping to deliver an EU-wide oil embargo.
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In the Arab oil embargo in 1973 prices more than doubled in three months.
However, with China and others opposed to sanctions, the threat of an oil embargo sounds hollow.
The debated was resumed after a short pause for a statement on the EU's oil embargo against Iran.
Security Council to protect Khartoum, pledging to veto any U.N. bid to impose an oil embargo on Sudan.
Energy had peaked at 25% of the Index in the late 1970s, years after the Arab oil embargo.
An oil embargo went into affect this month, pushing oil prices up by more than 10% in less than a week.
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His generation had faced difficulties after Vietnam with the oil embargo, he said, but for these new veterans it was different.
Only 1973 was a loser at the start of the major bear caused by Vietnam, Watergate and the Arab Oil Embargo.
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In July 1941 the U.S. government issued an ultimatum to Japan: withdraw from Indochina or the U.S. would impose an oil embargo on Japan.
Mr Cohen said that the oil found on board the Vologoneft-147 would be sold to help meet the costs of enforcing the oil embargo.
The stage is set, Grice says, for a permanent step up in grain prices, just as oil prices jumped following the 1973 Arab oil embargo.
That underscores the likelihood that with dwindling access to the global financial system, and an EU oil embargo looming, Iran will turn oil into its currency.
To give markets time to adjust, the oil embargo (affecting about 25% of Iran's exports, or 600, 000 barrels a day) will not take effect until July.
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During the Suez Canal crisis, the Vietnam War and again during the 1970s oil embargo, courts held that commodities brokers could not bail out of futures contracts.
General Assembly called for an oil embargo against South Africa.
Number one, the Arab oil embargo and the subsequent increase in the price of oil in 1973 as a result of the Yom Kippur War really enriched Saudi Arabia.
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On Sunday, a complete European Union oil embargo on Iran came into effect - in response to US legislation, which sanctions any entity that deals with Iran's Central Bank.
"During the 1973 Arab oil embargo Brazil was importing almost 80 percent of its fuel supply, " notes Mr. Luft, director of the Institute for the Analysis of Global Security.
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An oil embargo imposed by the European Union in July and other measures that have included cutting Iran off from international financial-settlement mechanisms and maritime insurance are hurting hard.
Since then, Iran has been hit by the United States and the European Union with an oil embargo as well as sanctions targeting its banks and number of its businesses.
Jump back to 1975 and the institution of the Corporate Average Fuel Economy requirements designed to limit our reliance on foreign oil in the wake of the Arab oil embargo.
All the talk of an oil embargo talk that Iraq started a few weeks ago and that Iran encouraged this week evokes scary images in consumers' minds of the petrol shortages of the 1970s.
The EU oil embargo, agreed last month, was phased so member states that were relatively dependent on Iranian crude - notably Greece, Spain and Italy - had enough time to find alternative sources.
The only clear examples where prices were not lower six months after the initial price spike all predate an active crude oil futures market: the Arab oil embargo, Iranian Revolution, and Iran-Iraq wars.
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Iran's ability to resist sanctions is still very strong and the effects of new sanctions won't be great in the short term - as long as they do not extend to a full oil embargo.
The reserves, stored in Texas and Louisiana, were started during the U.S. oil embargo in the early 1970s, and have been used as a back-up measure to supply oil only a few times since that decade.
Iraq interpreted this as confirmation of its long-held and plausible belief that, even if it did come clean on all its weapons, no American administration would lift the oil embargo so long as Mr Hussein remained in power.
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