Everything You Want to Know About the 1974 Corvette, All in One Place.
The arrival of the 1974 Chevy Corvette occurred during an abysmal period in automotive history. The period in question actually began in October, 1973 when OAPEC, (the Arab members of OPEC (the Organization of Petroleum Exporting Countries) plus Egypt, Syria, and Tunisia) proclaimed an oil embargo against the United States after the United States came to the aid of the Israelis during a military altercation between Egypt, Syria, and Israel.
While the actual embargo only lasted a few months (it ended in March, 1974, after OPEC received considerable pressure from NATO), the impact the embargo had on the automotive community was detrimental.
Gas prices had soared, and massive fuel shortages had occurred, leaving motorists waiting in long lines at the pumps. In some instances, gasoline was actually rationed, especially in more densely populated areas.
While the embargo was short-lived, it made automotive manufacturers seriously question the value that heavy, fuel-thirsty cars were bringing to the marketplace.