For the US, the Arab oil embargo came at a time of declining domestic crude oil production, rising demand, and increasing imports. The OPEC embargo was successful because US crude oil production had peaked in 1970 at 9,637 kb/d (10,044 kb/d in November 1970) and had declined in 1973 to 9,208 kb/d. A review of the history of oil prices reveals they've never been the same since. The chart below tracks both nominal and inflation-adjusted oil prices since 1946. During the OPEC oil embargo, inflation-adjusted oil prices went up from $25.97 per barrel (bbl) in 1973 to $46.35 per barrel (bbl) in 1974. Oil Embargo, 1973–1974 During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.