The document discusses the 1973 oil crisis and its impacts. It began when OPEC nations proclaimed an oil embargo in 1973 in response to Western support for Israel. As a result, the price of oil rose dramatically from $18 to nearly $40 per barrel. For India, higher oil prices lead to inflation, impact economic growth, and hurt the rupee. If the US reinstates sanctions on Iran as planned, it could further increase oil prices and negatively affect India's plans for the Chabahar port and INSTC transport corridor. The government of India can take steps like procuring crude at discounts, including fuel under GST, and building strategic oil reserves to mitigate impacts.