What caused oil to spike from July '73 to Jan '74?

Did it have anything to do with Nixon getting us out of the Bretton Woods' agreement, or was it wholly because of the Arab oil embargo? Or was there any correlation between the two?

Were we paying the Saudi's with U.S. dollars back in '73? In this Wiki entry it says: "In September 1971, OPEC issued a joint communiqué stating that, from then on, they would price oil in terms of a fixed amount of gold."

Is that accurate? And for how long did OPEC do that?

I had no idea the oil embargo was the impetus to the 55mph speed limit and year-round daylight saving time.

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(edited)

Read about consequences  of Jon Kippur war in 1973  and oil embargo= Arab reaction for Western World support for Israel.

https://en.wikipedia.org/wiki/Yom_Kippur_War

Edited by Tomasz
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Yom Kippur war started it off, Nixon taking the US off the gold standard was a direct slap in the face to the middle east was the final shot.

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