Countries (OPEC) cut off oil exports to the United States for six months because the Arab members of OPEC

disagreed with the U.S. support for Israel. OPEC did not bring exports back to their earlier levels until 1975—a

policy that we can interpret as a shift of the supply curve to the left in the U.S. petroleum market. Figure 5.11

(a) and Figure 5.11 (b) show the same original equilibrium point and the same identical shift of a supply curve
to the left from S0 to S1.

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5.3 • Elasticity and Pricing 127
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