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The month that killed the middle class: How October 1973 slammed America

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Early in 1974, Don Cooper, an autoworker at an Oldsmobile plant in Lansing, Michigan, was demoted from his coveted job in the crankshaft department to the final assembly line, where he had started out as a rookie nine years earlier. Cooper hadn’t done anything wrong. Rather, he was a victim of events 6,000 miles away.

The previous October, Egypt had invaded Israel. When the United States provided military aid to the Jewish state, Saudi Arabia retaliated by cutting off oil exports to Western nations. The Arab Oil Embargo raised the price of gasoline from 36 to 53 cents a gallon -- when drivers could get it. To prevent hours-long lines, filling stations sold to cars with odd-numbered license plates on Mondays, Wednesdays and Fridays, even plates on Tuesdays, Thursdays and Saturdays.

Oldsmobile, known for burly, dynamic cars powered by its eight-cylinder Rocket engine, was offering its usual stable of bad-ass American iron: a Cutlass with a 270-horsepower engine; a 98 that measured 19 feet 4 inches from chrome bumper to chrome bumper. But suddenly, customers weren’t buying those gas guzzlers. And when cars weren’t selling, Oldsmobile didn’t need as many crankshafts. So thanks to the latest Arab-Israeli War, Cooper was back on the line.

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