query: when did the oil embargo of 1973 end

pos: 1973 oil crisis 1973 oil crisis The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused

pos: 1973 oil crisis 1973 oil crisis The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused

pos: 1973 oil crisis approached its earlier dominance. 1973 oil crisis The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly

pos: 1973 oil crisis of September levels. This contributed to a global recession and increased tension between the United States and European allies who faulted the US for provoking an embargo by providing assistance to Israel. OAPEC demanded a complete Israeli withdrawal from all territories beyond the 1949 Armistice border. The embargo lasted from October 1973 to March 1974. Since Israeli forces did not withdraw to the 1949 Armistice Line, the majority of scholars believe the embargo was a failure. Roy Licklieder, in his 1988 book "Political Power and the Arab Oil Weapon", concluded the embargo was a failure because the countries that were

pos: OPEC after the embargo ended in March 1974 following intense diplomatic activity, prices continued to rise. The world experienced a global economic recession, with unemployment and inflation surging simultaneously, steep declines in stock and bond prices, major shifts in trade balances and petrodollar flows, and a dramatic end to the post-WWII economic boom. The 1973–1974 oil embargo had lasting effects on the United States and other industrialized nations, which established the International Energy Agency in response, as well as national emergency stockpiles designed to withstand months of future supply disruptions. Oil conservation efforts included lower speed limits on highways, smaller and

pos: 1970s energy crisis Runyon captured the unfolding of these events at the time in The Energy Crisis book. In October 1973, the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC) proclaimed an oil embargo "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war; it lasted until March 1974. OAPEC declared it would limit or stop oil shipments to the United States and other countries if they supported Israel in the conflict. With the US actions seen as initiating the oil embargo, the long-term possibility of embargo-related

pos: 1973 oil crisis troop withdrawal from parts of the Sinai Peninsula. The promise of a negotiated settlement between Israel and Syria was enough to convince Arab oil producers to lift the embargo in March 1974. and again during the 1979 energy crisis. America's Cold War policies suffered a major blow from the embargo. They had focused on China and the Soviet Union, but the latent challenge to US hegemony coming from the third world became evident. In 2004, declassified documents revealed that the U.S. was so distraught by the rise in oil prices and being challenged by under-developed countries that they briefly considered

pos: History of modern Egypt in emergency aid. OPEC oil ministers, led by Saudi Arabia retaliated with an oil embargo against the US. A UN resolution supported by the United States and the Soviet Union called for an end to hostilities and for peace talks to begin. On 5 March 1974 Israel withdrew the last of its troops from the west side of the Suez Canal and 12 days later Arab oil ministers announced the end of the embargo against the United States. For Sadat and many Egyptians the war was much more a victory than a draw, as the military objective of capturing a

pos: History of Egypt under Anwar Sadat to Israel and appropriate $2.2 billion in emergency aid. OPEC oil ministers, led by Saudi Arabia retaliated with an oil embargo against the US. A UN resolution supported by the United States and the Soviet Union called for an end to hostilities and for peace talks to begin. On 5 March 1974 Israel withdrew the last of its troops from the west side of the Suez Canal, and 12 days later Arab oil ministers announced the end of the embargo against the United States. For Sadat and many Egyptians the war was seen as a victory, as the initial Egyptian

pos: History of Libya under Muammar Gaddafi Exporting Countries (OPEC) to take action in 1973, and Libyan militancy was partially responsible for OPEC measures to raise oil prices, impose embargoes, and gain control of production. On 19 October 1973, Libya was the first Arab nation to issue an oil embargo against the United States after US President Richard Nixon announced the US would provide Israel with a $2.2 billion military aid program during the Yom Kippur War. Saudi Arabia and other Arab oil producing nations in OPEC would follow suit the next day. While the other Arab nations lifted their oil embargoes on 18 March 1974, the

pos: 1973 oil crisis The Netherlands imposed prison sentences for those who used more than their ration of electricity. A few months later, the crisis eased. The embargo was lifted in March 1974 after negotiations at the Washington Oil Summit, but the effects lingered throughout the 1970s. The dollar price of energy increased again the following year, amid the weakening competitive position of the dollar in world markets. Price controls exacerbated the crisis in the US. The system limited the price of "old oil" (that which had already been discovered) while allowing newly discovered oil to be sold at a higher price to encourage

neg: 1967 Oil Embargo impact, triggering the oil crisis of 1973–74. 1967 Oil Embargo The 1967 Oil Embargo began on June 6, 1967, the second day of the Six-Day War, with a joint Arab decision to deter any countries from supporting Israel militarily. Several Middle Eastern countries eventually limited their oil shipments, some embargoing only the United States and the United Kingdom, while others placed a total ban on oil exports. The Oil Embargo did not significantly decrease the amount of oil available in the United States or any affected European countries, due mainly to a lack of solidarity and uniformity in embargoing specific

neg: 1973 oil crisis targeted by the embargo did not change their policies on the Arab–Israeli conflict. Licklieder believed that any long term changes were caused by the OPEC increase in the posted price of oil, and not the OAPEC embargo. Daniel Yergin, on the other hand, has said that the embargo "remade the international economy". Over the long term, the oil embargo changed the nature of policy in the West towards increased exploration, alternative energy research, energy conservation and more restrictive monetary policy to better fight inflation. The effects of the embargo were immediate. OPEC forced oil companies to increase payments drastically. The

neg: National Energy Program on oil exports to the US, the UK, the Netherlands, Japan, and Canada in retaliation for those countries' support for Israel during the Yom Kippur War. US producers had been able to defeat the previous 1967 oil embargo by ramping up domestic production, flooding the world market with additional product at cut-rate prices, but declining domestic production combined with the ongoing rise in global demand made a similar response to the 1973 Arab embargo impossible. The result was immediate shortages and lineups for gasoline in the importing countries, particularly the US, signaling the end of decades of cheap oil and

neg: Federal Energy Administration Federal Energy Administration The Federal Energy Administration (FEA) was a United States government organization created in 1974 to address the 1970s energy crisis, and specifically the 1973 oil crisis. It was merged in 1977 with the newly created United States Department of Energy. In 1973, the Organization of Petroleum Exporting Countries placed an oil embargo on nations perceived as assisting Israel in the Yom Kippur War. To combat the embargo, President Nixon established the Federal Energy Office (FEO) in December 1973, which was tasked with coordinating the American response to the embargo. In June 1974, the FEO was superseded by

neg: OPEC his African neighbors Angola and Sudan to join, and Angola did in 2007, followed by Equatorial Guinea in 2017. Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies. In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War. A previous embargo attempt was largely ineffective

neg: 1973 oil crisis on the war. OPEC duly lifted its embargo from all EEC members. The price rises had a much greater impact in Europe than the embargo. Despite being relatively unaffected by the embargo, the UK nonetheless faced an oil crisis of its own—a series of strikes by coal miners and railroad workers over the winter of 1973–74 became a major factor in the change of government. Heath asked the British to heat only one room in their houses over the winter. The UK, Germany, Italy, Switzerland and Norway banned flying, driving and boating on Sundays. Sweden rationed gasoline and heating oil.

neg: Ford EXP Henry Ford II retired and Ford's chief stylist, Eugene Bordinat, stepped down as well. During the late 1970s, there had been a push by automobile manufacturers around the world to make small, fuel efficient cars; this was initiated by the OPEC oil embargo of October 17, 1973–1974. This embargo included a 70% increase in oil prices, causing long lines at gasoline filling stations, and skyrocketing prices for gasoline. People wanted, demanded more miles for their gasoline dollars. By the end of the decade, this led auto manufacturers from the United States, Japan, and West Germany to rethink the adage that

neg: Mohammad Reza Pahlavi in his memoirs that it was never the intention of the U.S. or Iran to see the "peshmerga" actually win, as an independent Kurdistan would have created too many problems for both Turkey and Iran; rather the intention was to "irritate" Iraq enough to force the Iraqis to change their foreign policy. The Shah also manipulated America's dependence on Middle Eastern oil; although Iran did not participate in the 1973 oil embargo, he purposely increased production in its aftermath to capitalise on the higher prices. In December 1973, only two months after oil prices were raised by 70 per cent,

neg: 1967 Oil Embargo 1967 Oil Embargo The 1967 Oil Embargo began on June 6, 1967, the second day of the Six-Day War, with a joint Arab decision to deter any countries from supporting Israel militarily. Several Middle Eastern countries eventually limited their oil shipments, some embargoing only the United States and the United Kingdom, while others placed a total ban on oil exports. The Oil Embargo did not significantly decrease the amount of oil available in the United States or any affected European countries, due mainly to a lack of solidarity and uniformity in embargoing specific countries. The embargo was effectively ended on

neg: 1973 oil crisis periods of excessive inflation, reduced productivity, and lower economic growth." Some researchers regard the 1973 "oil price shock" and the accompanying 1973–74 stock market crash as the first discrete event since the Great Depression to have a persistent effect on the US economy. The embargo had a negative influence on the US economy by causing immediate demands to address the threats to U.S. energy security. On an international level, the price increases changed competitive positions in many industries, such as automobiles. Macroeconomic problems consisted of both inflationary and deflationary impacts. The embargo left oil companies searching for new ways to

neg: Saudi Arabia–United States relations be centered in the Saudi Land. The relationship between these two nations, in terms of trade, continued to prove of high value until 1973 when King Faisal concluded that Saudi Arabia would take part of the oil embargo, which posed as the first disagreement between Saudi Arabia and the United States. In 1974 the oil embargo between the United States and Saudi Arabia was eradicated, which allowed for the United States and Saudi Arabia to sign military contracts amassing in two billion dollars in the fiscal year of 1975. After the promises that had been made by American oil explorers

neg: Offshore Power Systems in Atlanta and JEA in Jacksonville, both sent letters of commitment to show that they were serious about purchasing a plant; however, no plants were ever built. Although OPS did not have Federal approval to build the plants in the 1970s, the biggest reason why OPS was not successful was the 1973 oil crisis. Less oil available resulted in higher oil prices, which encouraged conservation and less demand for electricity. PSE&G did not need the additional capacity from the nuclear generators they had ordered, so PSE&G requested a two-year delay. After the embargo ended, oil prices remained high and effects

neg: 1973–75 recession inflation during a period of recession. The Federal Reserve adjusted its mandate as a result, believing that the inflation-unemployment tradeoff was much higher than previously thought, and established a 6% target as full employment. Thus, unemployment, which had reached a peak of 9% in May 1975, did not dip below 6% until June 1978. The pre-1974 recession level of 4.6% unemployment was not reached again until November 1997, when the Federal Reserve deviated from its prior policy. The interpretation regarding the cause of stagflation was and continues to be controversial. The oil embargo of 1973-74, which pushed prices of petroleum

neg: National Oil Corporation Petroleum's Sarir field in 1971 and Amoco's Sahabir field in 1976. After commencement of the 1973 Arab-Israeli War, Saudi Arabia, Libya, and other Arab states proclaimed an embargo on oil exports to countries who supported Israel, primarily the United States. Additionally, the NOC had encountered legal actions by BP over claims of ownership. Although the 1973 oil crisis increased global demand, BP's legal position made some countries wary of importing from Libya. NOC compensated for this weakness by arranging barter deals with France and Argentina. On March 18, 1974, the Arab oil ministers ended the US-embargo, with Libya being the

neg: Operation Nickel Grass pledge of support on October 19, the oil-exporting Arab states within the Organization of Petroleum Exporting Countries (OPEC) held to their previously declared warnings to use oil as a "weapon" and declared a complete oil embargo on the United States, and restrictions on other countries. This, and the contemporaneous failure of major pricing and production negotiations between the exporters and the major oil companies both led to the 1973 oil crisis. Israel, as well as the US and most of the world, were caught by surprise on October 6, 1973 when Egypt and Syria crossed their borders and attacked Israel

neg: History of Iran strongest military power. Bilateral relations with its neighbor Iraq were not good, mainly due to a dispute over the Shatt al-Arab waterway. In November 1971, Iranian forces seized control of three islands at the mouth of the Persian Gulf; in response, Iraq expelled thousands of Iranian nationals. Following a number of clashes in April 1969, Iran abrogated the 1937 accord and demanded a renegotiation. In mid-1973, the Shah returned the oil industry to national control. Following the Arab-Israeli War of October 1973, Iran did not join the Arab oil embargo against the West and Israel. Instead, it used the situation

neg: AMC Gremlin 30% more than 1972. A 1973 Gremlin purchased by "Consumer Reports" was top-rated in a group of six subcompact models tested for the June issue. That car had relatively few sample defects and proved reliable over a long-term test. The Arab Oil Embargo of October 1973 came just as the 1974 model year began. AMC improved the Gremlin's back seat. A deeper front fascia made the car appear longer. A larger front bumper was mounted on self-restoring telescoping gas and oil cylinders. Unlike most other designs, the Gremlin did not use filler panel between bumper and body. A stronger rear

neg: 1973 oil crisis US president Richard Nixon authorized Operation Nickel Grass, a strategic airlift to deliver weapons and supplies to Israel in order to replace its materiel losses, after the Soviet Union began sending arms to Syria and Egypt. The following day, on October 17, Arab oil producers cut production by 5% and instituted an oil embargo against Israel's allies: the United States, Netherlands, Rhodesia, South Africa, and Portugal. Saudi Arabia only consented to the embargo after Nixon's promise of $2.2 billion in military aid to Israel. The embargo was accompanied by gradual monthly production cuts—by December, production had been cut to 25%

neg: 1975 Spring Offensive (especially the Watergate scandal) and the increasing antagonism between the legislative and executive branches over Vietnam policies, did little to dampen South Vietnamese expectations. Some among the Saigon leadership were more realistic in their appraisal. According to Vietnamese Air Force General Dong Van Khuyen: "Our leaders continued to believe in U.S. air intervention even after the U.S. Congress had expressly forbidden it ... They deluded themselves." The shock of reduced aid was compounded on 9 August, when Richard Nixon, the guarantor of South Vietnamese independence, was forced to resign from office. In October 1973, the Arab oil embargo began, and

neg: 1973 oil crisis and Israel in 1967, but despite continued Egyptian and Syrian enmity against Israel, the embargo lasted only a few months. Most scholars agree that the 1967 embargo was ineffective. Although some members of Organization of Arab Petroleum Exporting Countries (OAPEC) supported the use of oil as a weapon to influence the political outcome of the Arab–Israeli conflict, Saudi Arabia had traditionally been the strongest supporter of separating oil from politics. The Saudis were wary of the tactic due to the availability of oil from non-Arab oil producing countries, and in the decades leading up to the crisis, the region's conservative

neg: Oil Pollution Act of 1973 Oil Pollution Act of 1973 The Oil Pollution Act of 1973 or Oil Pollution Act Amendments of 1973, 33 U.S.C. Chapter 20 §§ 1001-1011, was a United States federal law which amended the United States Statute . The Act of Congress sustained the United States commitment to control the discharge of fossil fuel pollutants from nautical vessels and to acknowledge the embargo of coastal zones in trans-boundary waters. The H.R. 5451 legislation was passed by the United States 93rd Congressional session and enacted by the 37th President of the United States Richard Nixon on October 4, 1973. The International Convention

neg: National Energy Program oil exporter, became a major oil importer. In 1970, US oil production unexpectedly peaked and started to decline, causing global oil markets to tighten rapidly as the US started to import more and more Arab oil. As the decade continued, global demand caught up with global supply, and there were two major oil price shocks: the 1973 oil crisis and the 1979 oil crisis. The first occurred when the Organization of Arab Petroleum Exporting Countries (OAPEC) (whose membership consists of the Arab members of the similarly-named Organization of Petroleum Exporting Countries (OPEC), plus Egypt, Syria, and Tunisia) imposed an embargo

neg: Economy of Alberta few other commodities. The health of economy was closely bound up with the price of wheat. In 1947 a major oil field was discovered near Edmonton. It was not the first petroleum find in Alberta, but it was large enough to significantly alter the economy of the province (and coincided with growing American demand for energy). Since that time, Alberta's economic fortunes have largely tracked the price of oil, and increasingly natural gas prices. When oil prices spiked during the 1967 Oil Embargo, 1973 oil crisis, and 1979 energy crisis, Alberta's economy boomed. However, during the 1980s oil glut Alberta's

neg: Calgary in 1914. Western Canada's first commercial oilfield boomed again in 1924 and 1936 and by WWII the Turner Valley oilfield was producing more than 95 per cent of the oil in Canada. As a result, major oil companies searched elsewhere in Alberta and in 1947 Imperial Oil discovered new reserves near Leduc, south of Edmonton. But Calgary was already the centre of Alberta oil and the new discovery caused the city to boom again. Calgary's economy grew when oil prices increased with the Arab Oil Embargo of 1973. The population increased by 272,000 in the eighteen years between 1971 (403,000)

neg: Lehman's Hardware who are visiting Amish Country. Jay Lehman, an area businessman, founded Lehman's Hardware (now called "Lehman's") in 1955 with the intent of selling non-electrical products to the Amish community. He began the business by purchasing a combination hardware store and gasoline filling station that had been in business since 1915. The store did a modest business, with a mild boost from tourism, until the 1973 oil crisis. As domestic supplies of oil began to dwindle, people began to look for low-tech equipment to help them deal with the shortages. According to Jay Lehman, "The oil embargo put us on the

neg: Petro-Islam Hanbali) in "great suspicion on account of its sectarian character," according to Gilles Kepel. While the 1973 War (also called the Yom Kippur War) was started by Egypt and Syria to take back land won by Israel in 1967, the "real victors" of the war were the Arab "oil-exporting countries", (according to Gilles Kepel), whose embargo against Israel's western allies stopped Israel's counter offensive. The embargo's political success enhanced the prestige of the embargo-ers and the reduction in the global supply of oil sent oil prices soaring (from US$3 per barrel to nearly $12) and with them, oil exporter revenues.

neg: Economic sanctions longest-standing embargoes. Few of the United States' allies embraced the embargo, and it apparently has done little to affect Cuban policies over the years. Nonetheless, while taking some steps to allow limited economic exchanges with Cuba, President Barack Obama reaffirmed the policy in 2011, stating that without the granting of improved human rights and freedoms by Cuba's current government, the embargo remains "in the national interest of the United States". In 1973–1974, Arab nations imposed an oil embargo against the United States and other industrialized nations which supported Israel in the Yom Kippur War of October 1973. The results included

neg: Yahaya Dikko Dikko was a one time Executive Secretary of the Niger Dams Authority and General Manager of NEPA. Yahaya Dikko Yahaya Dikko was a Nigerian administrator who was General Manager of NEPA and later became Special Adviser on Petroleum and Energy Affairs to President Shehu Shagari. He was head of Nigeria's delegation to OPEC during the administration of Shagari and later became President of OPEC. Dikko was oil adviser in 1983 when global oil prices fell and Nigeria and OPEC had to cut oil prices, the first since an oil embargo began in 1973. Dikko was born to the family of

neg: Yahaya Dikko Yahaya Dikko Yahaya Dikko was a Nigerian administrator who was General Manager of NEPA and later became Special Adviser on Petroleum and Energy Affairs to President Shehu Shagari. He was head of Nigeria's delegation to OPEC during the administration of Shagari and later became President of OPEC. Dikko was oil adviser in 1983 when global oil prices fell and Nigeria and OPEC had to cut oil prices, the first since an oil embargo began in 1973. Dikko was born to the family of Abdurahman Dikko. He was educated at Zaria Middle School and Kaduna College. He attended Brighton Technical College.

neg: Arab League boycott of Israel Israel. In 1958 the boycott was expanded to prohibit all goods exported from a third state identical to goods imported by the state from Israel, including goods produced with Israeli raw materials or components. In the same year, ships visiting an Arab port and an Israeli port within the same trip were blacklisted. The Arab boycott of Israel escalated with the 1973 oil crisis, when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of nine Arab members of OPEC plus Egypt and Syria) announced an oil embargo in October 1973, following United States resupply of arms

neg: Arthur H. Rosenfeld 1957, he became professor of physics, later professor emeritus, and was one of the founding members of the international Particle Data Group. He developed the reputation of being a workaholic, arriving to work very early, taking a dinner break with his family, and continuing to work until 2 a.m. A turning point in his career came as a result of the second Arab oil embargo in 1973, when he realized that one of the key vulnerabilities of Americans was their inefficient and wasteful use of limited energy. The embargo caused an energy crisis, with long lines at gas stations and

neg: 1973 oil crisis bloc was organized and financed in part by Venezuelan oil revenues, which quadrupled between 1970 and 1975. A year after the start of the embargo, the UN's nonaligned bloc passed a resolution demanding the creation of a "New International Economic Order" under which nations within the global South would receive a greater share of benefits derived from the exploitation of southern resources and greater control over their self-development. Prior to the embargo, the geo-political competition between the Soviet Union and the United States, in combination with low oil prices that hindered the necessity and feasibility of alternative energy sources, presented

neg: 1973 oil crisis investment. Predictably, old oil was withdrawn from the market, creating greater scarcity. The rule also discouraged development of alternative energies. The rule had been intended to promote oil exploration. Scarcity was addressed by rationing (as in many countries). Motorists faced long lines at gas stations beginning in summer 1972 and increasing by summer 1973. In 1973, Nixon named William E. Simon as the first Administrator of the Federal Energy Office, a short-term organization created to coordinate the response to the embargo. Simon allocated states the same amount of domestic oil for 1974 that each had consumed in 1972, which worked

neg: World Conference on Women, 1975 socialist regimes. In Central and South America various coups d'états in Argentina, Bolivia, Chile, Ecuador, El Salvador and dictatorships led to instability and decimation of indigenous populations. Responses to the conflict often had additional repercussions, such as the 1973 Oil embargo, a response to the Arab-Israeli conflict, which caused the price of oil to rise on the world market from three dollars per barrel to twelve dollars per barrel. The embargo was followed by the 1979 energy crisis, sparked by concerns over lowered production caused by the Iranian Revolution and how continued instability might impact oil availability. That in turn

neg: Petroleum politics by approaching Iran, Gabon, Libya, Kuwait and Saudi Arabia in 1949, but OPEC was not set up until 1960, when the United States forced import quotas on Venezuelan and Persian Gulf oil in order to support the Canadian and Mexican oil industries. OPEC first wielded its power with the 1973 oil embargo against the United States and Western Europe. The term "petro-aggression" has been used to describe the tendency of oil-rich states to instigate international conflicts. There are many examples including: Iraq’s invasion of Iran and Kuwait; Libya’s repeated incursions into Chad in the 1970s and 1980s; Iran’s long-standing suspicion

neg: Petroleum in the United States to the Arab oil embargo against the U.S., following the nation's support of Israel in the Yom Kippur War. During that time, Arab oil producers reduced production by 4.4mb/d for two months, 7.5% of global output. During this time, people reduced their consumption of oil by turning down thermostats and carpooling to work, which together with the lower demand due to the 1973-75 recession, resulted in a reduction in oil consumption. After the oil crisis of 1973, the price of oil increased again between 1979 and 1980 due to the Iranian revolution. This crisis was related to political instability in

neg: Ahmed Zaki Yamani Ahmed Zaki Yamani Ahmed Zaki Yamani (; born 30 June 1930) is a Saudi Arabian politician who was Minister of Oil (Petroleum) and Mineral Resources from 1962 to 1986, and a minister in the Organization of the Petroleum Exporting Countries (OPEC) for 25 years. With degrees from various institutions including New York University School of Law, Harvard Law School, and a doctorate from the University of Exeter, Yamani became a close adviser to the Saudi government in 1958 and then became oil minister in 1962. He is best known for his role during the 1973 oil embargo, when he spurred

neg: Arthur F. Burns 1973 oil crisis, price controls began to fail and by 1974, the inflation rate was 12.3 percent. Burns thought the country was not willing to accept rates of unemployment in the range of six percent as a means of quelling inflation. From the Board of Governors meeting minutes of November 1970, Burns believed that: During Burns' tenure, the rate of change of the consumer price index rose from 6%/year in early 1970 to over 12%/year in late 1974 after the Arab Oil embargo, and eventually falling to under 7%/year from 1976 to the end of his tenure in January, 1978,

neg: Foreign relations of Libya under Muammar Gaddafi Libyan embassy will be given adequate training for combat". He also promised financial support for attacks. In response, the United States withdrew its ambassador. On 7 October 1972, Gaddafi praised the Lod Airport massacre, carried out by the Japanese Red Army, and demanded Palestinian terrorist groups to carry out similar attacks. Gaddafi played a key role in promoting the use of oil embargoes as a political weapon for challenging the West, hoping that an oil price rise and embargo in 1973 would persuade the West—especially the United States—to end support for Israel. Gaddafi rejected both Soviet communism and Western capitalism

neg: AMC Ambassador year would bring out the biggest Ambassador—just as the 1973 Arab Oil Embargo sparked gasoline rationing across the nation. The Ambassador sedan was stretched compared with the 1973 versions. This additional length was due to a new front end design and stronger energy absorbing bumpers with hydraulic backup. The 1974 Ambassador Brougham was no longer available as a 2-door (pillar-less) hardtop, leaving the 4-door sedan and station wagon body styles in the line. The hardtop's cancellation was due in part to low sales volume of the Ambassador 2-door versions, as well as the introduction of an all-new 1974 Matador coupe

neg: History of the Venezuelan oil industry 1973, OPEC Persian Gulf states members decided to raise their prices by 70 percent and to place an embargo on countries friendly to Israel (the United States and the Netherlands). This event became known as the 1973 oil crisis. Following a culmination of conflicts in the Middle East and the oil producing countries of the Persian Gulf no longer exporting to the United States and oil prices rising steeply, Venezuela experienced a significant increase in oil production profits. Between 1972 and 1974, the Venezuelan government revenues had quadrupled. With a new sense of confidence, Venezuelan president Carlos Andrés Pérez pledged

neg: Nuclear power in the Philippines Nuclear power in the Philippines Nuclear power was considered as a solution to the 1973 oil crisis, in which the Philippines was affected. The Bataan Nuclear Power Plant was built in the early 1980s but never went into operation because it sits on a tectonic fault and volcano. The Fukushima nuclear disaster gave pause to efforts to revive the plant. Under a regime of martial law, Philippine President Ferdinand Marcos in July 1973 announced the decision to build a nuclear power plant. This was in response to the 1973 oil crisis, as the Middle East oil embargo had put a

neg: 1970s energy crisis high oil prices, disrupted supply and recession, created a strong rift within NATO; both European countries and Japan sought to disassociate themselves from the US Middle East policy. Arab oil producers had also linked the end of the embargo with successful US efforts to create peace in the Middle East, which complicated the situation. To address these developments, the Nixon Administration began parallel negotiations with both Arab oil producers to end the embargo, and with Egypt, Syria, and Israel to arrange an Israeli pull back from the Sinai and the Golan Heights after the fighting stopped. By January 18, 1974,

neg: Energy policy of the United States oil by 2019. The 1973 oil embargo highlighted the vulnerability of the United States to oil supply disruptions when it depends on imports from nations that are either politically unstable or opposed to US interests. Perceived remedies include measures to reduce demand for petroleum (such as conservation or alternative fuels), increase the supply of petroleum (by increasing domestic production, or maintaining petroleum reserves), or enhance the reliability of foreign imports (through foreign policy). The Federal Department of Energy was started to direct the various approaches. Conservation. A National Maximum Speed Limit of 55 mph (88 km/h) was imposed to help

neg: Foreign relations of Saudi Arabia military support for the Saudi government. The major exception to this occurred during the 1973 oil crisis when Saudi Arabia, with the other Arab oil states, used an embargo on oil supplies to pressure the US to stop supporting Israel. Saudi Arabia is a founding member of several multinational organizations, including OPEC, the United Nations, the Arab League. It is also a founding member of the Gulf Cooperation Council, Muslim World League, the Organisation of Islamic Cooperation, and the Islamic Development Bank—all of which are headquartered in Saudi. The country plays a prominent role in the International Monetary Fund, the

neg: Economic history of Africa of October 1973. OPEC embargoed oil exports to many Western governments as retaliation for their having supported Israel in the War. 40 African countries were dependent upon oil imports from OPEC, and when the price of oil rose rapidly from the embargo, African exports became too expensive for many foreign markets. A major question in the economic history of Africa is focusing on explanations for the relative poverty of the continent. Economists today use different ways to explain this phenomenon usually either an external or internal approach. External approaches usually focus on institutional patterns within economies. They try to explain

neg: Elk Hills Oil Field that brought on the Teapot Dome scandal which ruined the reputation of the administration of Warren G. Harding, now commonly considered to be one of the most corrupt in U.S. history. In 1927 the U.S. Supreme Court invalidated the lease, and returned the Elk Hills to the U.S. government. The oil field went largely untapped, held as a reserve, until the mid-1970s, when Congress passed the Naval Petroleum Reserves Production Act in response to the 1973-1974 Arab Oil Embargo. In 1976 the Ford Administration opened the lands for drilling and production again. NPR-1, operated by Williams Brothers Engineering Company, reached

neg: 1973 oil crisis a national average of 38.5 cents in May 1973 to 55.1 cents in June 1974. State governments requested citizens not to put up Christmas lights. Oregon banned Christmas and commercial lighting altogether. Politicians called for a national gas rationing program. Nixon requested gasoline stations to voluntarily not sell gasoline on Saturday nights or Sundays; 90% of owners complied, which produced long queues. The embargo was not uniform across Europe. Of the nine members of the European Economic Community (EEC), the Netherlands faced a complete embargo, the UK and France received almost uninterrupted supplies (having refused to allow America to use

neg: 1973 oil crisis of the European Community. Canada shifted towards a more pro-Arab position after displeasure was expressed towards Canada's mostly neutral position. "On the other hand, after the embargo the Canadian government moved quickly indeed toward the Arab position, despite its low dependence on Middle Eastern oil". Although lacking historical connections to the Middle East, Japan was the country most dependent on Arab oil. 71% of its imported oil came from the Middle East in 1970. On November 7, 1973, the Saudi and Kuwaiti governments declared Japan a "nonfriendly" country to encourage it to change its noninvolvement policy. It received a 5%

neg: Trans-Alaska Pipeline System president Spiro Agnew, who supported the amendment. A similar amendment was passed in the House on August 2. On October 17, 1973, the Organization of Arab Petroleum Exporting Countries announced an oil embargo against the United States in retaliation for its support of Israel during the Yom Kippur War. Because the United States imported approximately 35 percent of its oil from foreign sources, the embargo had a major effect. The price of gasoline shot upward, gasoline shortages were common, and rationing was considered. Most Americans began demanding a solution to the problem, and President Richard Nixon began lobbying for the

neg: Presidency of Richard Nixon to the U.S. support of Israel in the Yom Kippur War, OPEC countries cut oil production, raised prices, and initiated an embargo targeted against the United States and other countries that had supported Israel. The embargo caused gasoline shortages and rationing in the United States in late 1973, but was eventually ended by the oil-producing nations as the Yom Kippur War peace took hold. Just weeks after his 1969 inauguration, Nixon made an eight-day trip to Europe. He met with British Prime Minister Harold Wilson in London and French President Charles de Gaulle in Paris. He also made groundbreaking trips

neg: Checker Motors Corporation the 1978 models. The car had very poor fuel economy, as the tall front end and engine compartment had been designed for a Continental 226-cubic-inch inline six, which required the large engine compartment. Overall, Checker sales began shrinking in the 1970s, causing the company to reduce its production capacity. Limousines were dropped after 1970 and wagons followed in 1974. The standard- and long-wheelbase sedans remained until the end. This decline was due to a number of factors. First, the oil embargo of 1973-1974 (and later the 1979-1982 recession) caused the Big Three to lose consumer sales, and they attempted to

neg: Economy of Iraq with a value of $43,8 billion in 2016. From the 1990s until 2003, the international trade embargo restricted Iraq's export activity almost exclusively to oil. In 2003 oil accounted for about US$7.4 billion of Iraq's total US$7.6 billion of export value, and statistics for earlier years showed similar proportions. After the end of the trade embargo in 2003 expanded the range of exports, oil continued to occupy the dominant position: in 2004 Iraq's export income doubled (to US$16.5 billion), but oil accounted for all but US$340 million (2 percent) of the total. In late 2004, sabotage significantly reduced oil output,

neg: Project Independence Project Independence Project Independence was an initiative announced by U.S. President Richard Nixon on November 7, 1973, in reaction to the OAPEC oil embargo and the resulting 1973 oil crisis. Recalling the Manhattan Project, he stated that the goal of Project Independence was to achieve energy self-sufficiency for the United States by 1980, through a national commitment to energy conservation and development of alternative sources of energy. Nixon declared that American science, technology and industry could free America from its dependence on imported oil, and establish its energy independence. He called for the construction of 1,000 nuclear power plants by

neg: Richard Nixon Missile Crisis. Brezhnev backed down as a result of Nixon's actions. Because Israel's victory was largely due to U.S. support, the Arab OPEC nations retaliated by refusing to sell crude oil to the U.S., resulting in the 1973 oil crisis. The embargo caused gasoline shortages and rationing in the United States in late 1973, and was eventually ended by the oil-producing nations as peace in the Middle East took hold. After the war, and under Nixon's presidency, the U.S. reestablished relations with Egypt for the first time since 1967. Nixon used the Middle East crisis to restart the stalled Middle

neg: Decolonization convertibility from dollars to gold. The main tenets of the NIEO were: The UNCTAD however wasn't very effective in implementing this New International Economic Order (NIEO), and social and economic inequalities between industrialized countries and the Third World kept on growing throughout the 1960s until the 21st century. The 1973 oil crisis which followed the Yom Kippur War (October 1973) was triggered by the OPEC which decided an embargo against the US and Western countries, causing a fourfold increase in the price of oil, which lasted five months, starting on October 17, 1973, and ending on March 18, 1974. OPEC

neg: Project Independence the year 2000. Some of the important initiatives to emerge from Project Independence included lowering highway speeds to , converting oil power plants to coal, completion of the Trans-Alaska Pipeline System and diverting federal funds from highway construction to mass transit. Despite these initiatives, Project Independence failed to prevent the increase in American oil consumption after the 1973-74 embargo; its dependence on foreign suppliers rose from 36% to almost 50% in 1979, when questions of nuclear energy safety arose domestically, and the next energy crisis emerged overseas. Project Independence Project Independence was an initiative announced by U.S. President Richard Nixon

neg: Nigerian Civil War 19 May 1968 Portharcourt was captured. With the capture of Enugu, Bonny, Calabar and Portharcourt, the outside world was left in no doubt of the Federal supremacy in the war. Oil exploration in Nigeria was pioneered by Shell-BP Petroleum Development Company in 1937. In a bid to control the oil in the eastern region, the Federal government placed a shipping embargo on the territory. This embargo did not involve oil tankers. The leadership of Biafra wrote to Shell-BP demanding royalties for the oil that was being explored in their region. After much deliberation, Shell-BP decided to pay Biafra the sum

neg: Economy of the Middle East sustain the stability of countries that have accomplished higher rates of growth and development. Following the OPEC embargo of October 1973, the market price of oil per barrel rose from $3 to $12 per barrel in reaction to the 5% production cut and reduction of supply by OPEC countries. The OPEC embargo was directed at the United States and other countries (the Netherlands, Portugal and South Africa), in retaliation for their financial aid and support of Israel during the Yom-Kippur War. The embargo was also prompted by the decision of President Richard Nixon to take the United States off the

neg: Economy of New Zealand on the standard of living. In 1953, New Zealand had the third highest standard in the world. By 1978, it had dropped to 22nd place. Having lost unrestricted access to its traditional market, New Zealand continued to search for alternative export markets and diversify its economy. The Government of Norman Kirk, who succeeded Marshall, put greater emphasis on expanding New Zealand's trade, especially with South East Asia. Following the Yom Kippur War in October 1973, an oil embargo was put in place by the Middle Eastern oil exporters, leading to the 1973 oil crisis. This compounded New Zealand's dire economic

neg: Bataan Nuclear Power Plant Under a regime of martial law, Philippine President Ferdinand Marcos in July 1973 announced the decision to build a nuclear power plant. A presidential committee was set up to secure funding for two 620 megawatt nuclear reactors for the energy needs of Luzon. This was in response to the 1973 oil crisis, as the Middle East oil embargo had put a heavy strain on the Philippine economy, and Marcos believed nuclear power to be the solution to meeting the country's energy demands and decreasing dependence on imported oil. In 2012, the Sandiganbayan graft court ordered entrepreneur and Marcos associate Herminio

neg: Price of oil tax framework for oil extraction, the cost of extraction, the availability and cost of technology for extraction, and the political situation in oil-producing countries. Both domestic political instability in oil producing countries and conflicts with other countries can destabilise the oil price. In 2008 the "New York Times" reported, for example, in the 1940s the price of oil was about $17 rising to just over $20 during the Korean War (1951–1953). During the Vietnam War (1950s1970s) the price of oil slowly declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rapidly rose

neg: 1973 oil crisis nations were divided. Saudi Arabia, trying to recover market share, increased production, pushing prices down, shrinking or eliminating profits for high-cost producers. The world price, which had peaked during the 1979 energy crisis at nearly $40 per barrel, decreased during the 1980s to less than $10 per barrel. Adjusted for inflation, oil briefly fell back to pre-1973 levels. This "sale" price was a windfall for oil-importing nations, both developing and developed. The embargo encouraged new venues for energy exploration including Alaska, the North Sea, the Caspian Sea, and the Caucasus. Exploration in the Caspian Basin and Siberia became profitable. Cooperation

neg: Idemitsu Kosan Venezuela and Iran. The protectionist Oil Industry Law helped Idemitsu against foreign competition in Japan, but also made owning its own refineries important. Idemitsu's first Tokuyama Refinery opened in 1957. This was followed by the Chiba oil refinery in 1963, Hyogo oil refinery in 1970, the Hokkaido oil refinery in 1973, and the Aichi oil refinery in 1975. In 1953 Idemitsu sent its large tanker "Nisshomaru" to Iran to purchase oil. Iranian prime minister Mohammed Mosaddeq had recently nationalized the oil fields and was under British-led embargo (Abadan Crisis). Idemitsu managed to buy the oil at 30% below market price

neg: Boycott was not coined until 1880, the practice dates back to at least the 1790s, when supporters of the abolition of the slave trade in Britain advocated boycotting slave-produced sugar. Other instances include: During the 1973 oil crisis, the Arab countries enacted a crude oil embargo against the West. Other examples include the US-led boycott of the 1980 Summer Olympics in Moscow, the Soviet-led boycott of the 1984 Summer Olympics in Los Angeles, and the movement that advocated "disinvestment" in South Africa during the 1980s in opposition to that country's apartheid regime. The first Olympic boycott was in the 1956 Summer

neg: Sugarloaf (ski resort) downhill vertical drop of and length of ; a women's downhill vertical drop of and length of ; a men's giant slalom vertical drop of and length of ; and a women's giant slalom vertical drop of and length of . During the early 1970s there was a lack of snowfall throughout the Northeast. This event and the 1967 Oil Embargo a few years earlier would set Sugarloaf on a path towards bankruptcy a decade later. This lack of snowfall did have some positive effects however - snowmaking was installed. In 1973 Sugarloaf was unable to make any snow for

neg: Syracuse China could hold a variety of attractive finishes and was "virtually impossible to crack or break." By February 1977, the company introduced "a major array of new products and appropriate selling programs." Early in 1973, Syracuse China bought local Will & Baumer candle manufacturing company of Syracuse. The company produced dinnerware and religious candles. Combined sales that year totaled $20 million (including $9 million of candle sales). The merger did not prove profitable for the china manufacturer. Almost immediately after the acquisition, paraffin wax costs climbed from five cents to twenty-one cents a pound due to the Mideast oil embargo in

neg: Amory Lovins 1969 he became a Junior Research Fellow at Merton College, Oxford, where he had a temporary Oxford master of arts status as a result of becoming a university don. He did not graduate, because the University would not allow him to pursue a doctorate in energy, as it was two years before the 1973 oil embargo and energy was not yet considered an academic subject. Lovins resigned his Fellowship and moved to London to pursue his energy work. He moved back to the U.S. in 1981 and settled in western Colorado in 1982. Each summer from about 1965 to 1981,

neg: Manufacturing in Japan they accounted for 17.8 percent of all Japanese exports, a meteoric rise from only 1.9 percent in 1960 with kaya being one of the largest exporters. Fear of protectionism in the United States (in the wake of the 1973 Arab Oil Embargo where Japanese automobile manufacturers began exporting automobiles en masse) led to major direct foreign investment in the U.S. by Japanese automobile manufacturers. By the end of the 1980s, all the major Japanese producers had automotive assembly lines operating in the United States: Isuzu has a joint plant with Subaru; one of Toyota's plants is in Alabama. Following the

neg: Energy Policy and Conservation Act been recognized for at least three decades. Secretary of the Interior Harold L. Ickes advocated the stockpiling of emergency crude oil in 1944. President Harry S Truman's Minerals Policy Commission proposed a strategic oil supply in 1952. President Dwight Eisenhower suggested an oil reserve after the 1956 Suez Crisis. The Cabinet Task Force on Oil Import Control recommended a similar reserve in 1970. But few events so dramatically underscored the need for a strategic oil reserve as the 1973-74 oil embargo. The cutoff of oil flowing into the United States from OPEC sent economic shockwaves throughout the nation. In the

neg: James E. Akins increasing dependence on the crude they pumped of the U.S. and other Western countries, Akins correctly predicted a coming oil embargo, saying that OPEC countries could not spend as much money as they were getting for their oil, and had realized that "oil in the ground is as good as oil in the bank." In an influential article in the journal "Foreign Affairs" in April 1973, Akins correctly predicted that world oil consumption for the next 12 years would exceed that of all previous human history, and warned that the loss of production from any two Middle Eastern countries would

neg: Price of oil expected global economic growth." In particular, political events can have a strong influence on the oil price. Historical examples include OPEC’s 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution. Financial analysts and academics have had very few tools to study such political events compared to what is available on economic aspects of oil price formation. The PRIX index was developed in attempt to fill this gap with a metric on political developments and corresponding export trends from world’s 20 largest oil exporters. The supply of oil is dependent on geological discovery, the legal and

neg: Charles H. Percy and Sen. Hubert H. Humphrey—responding to the 1973 OPEC oil embargo and high energy prices in general—created the Alliance to Save Energy to encourage a national commitment to energy efficiency. Percy was the founding chairman of the organization. Percy was mentioned again for the presidency in 1980 and 1988, but his candidacies did not progress beyond the exploratory stage. Perhaps Percy's most important act, and his longest-lasting legacy, was ending the practice of nominating federal judges from a pool of candidates generated by the Chicago political machine. He implemented a system of consultation with, and advice from, groups of legal

neg: Petrocurrency in 1971. In the absence of fixed value convertibility to gold, compared to other currencies, the US dollar subsequently deteriorated in value for several years, making fixed USD to local currency exchange rates unsustainable for most countries. Since the agreements of 1971 and 1973, OPEC oil is generally quoted in US dollars, sometimes referred to as petrodollars. In October 1973, OPEC declared an oil embargo in response to the United States' and Western Europe's support of Israel in the Yom Kippur War. Since the beginning of 2003, Iran has required payment in euros for exports to Asia and Europe. The

neg: Speed limits in the United States by jurisdiction ramifications, the state's electronic toll collection system can not be used for speed enforcement. Many expressways and parkways in the New York City suburbs were posted as high as 65 mph. During the 1973 Oil Embargo, New York lowered its speed limit to 50. The National Maximum Speed Law brought statewide speed limits up to 55. The city of New York, being a city, retained the 50 mph speed limit. New York did not take advantage of the 1987 Congressional provision allowing 65 mph zones on rural freeways, instead waiting until NMSL's repeal in late 1995 (actually, portions of the

neg: Nigerian Civil War other two areas. On 30 May 1967, Ojukwu declared independence of the Republic of Biafra. The Federal Military Government immediately placed an embargo on all shipping to and from Biafra—but not on oil tankers. Biafra quickly moved to collect oil royalties from oil companies doing business within its borders. When Shell-BP acquiesced to this request at the end of June, the Federal Government extended its blockade to include oil. The blockade, which most foreign actors accepted, played a decisive role in putting Biafra at a disadvantage from the beginning of the war. Although the very young nation had a chronic

neg: Indiana Limestone the demand for limestone. Salem limestone was officially designated as the state stone of Indiana by the Indiana General Assembly in 1971. With the Arab Oil Embargo of 1973, the price of alternative building materials skyrocketed so Indiana limestone reemerged as an energy-efficient building material. Indiana limestone is part of a high-end market. It is mostly used on the exterior of homes and commercial buildings. With the impact of acid rain it is not used in monuments as it was in the 19th century. Many of Indiana's official buildings, such as the State capitol building, the monuments in Downtown Indianapolis,

neg: General Motors Rotary Combustion Engine in Warren, Michigan, but Ed Cole would leave his office in Detroit twice a week for the trip to Warren, taking charge of the program. The engine was initially targeted for an October 1973 introduction as a 1974 Chevrolet Vega option. Its mediocre fuel economy and the ill-timed Arab oil embargo were contributing factors to end the GM rotary program. "Popular Science" magazine in the May 1972 article "GM Rotary Engine for the 1974 Vega", an illustration of the Wankel installed in a 1974 Vega hatchback showed a different grille, a lower, more sloped hood line, and a "GM Rotary"

neg: Oldsmobile 442 with a GM High Energy electronic ignition. All engines were mated to catalytic converters, which required use of unleaded gasoline and spelled the end of true dual exhausts. With economy now a selling point following the 1973–74 energy crisis resulting from the Arab Oil Embargo, the '75 4-4-2 and most other Cutlass models no longer included a V8 engine as standard equipment. For the first time since its 1964 introduction, the 4-4-2 came standard with a six-cylinder engine, Chevrolet's 250 cubic-inch inline unit which had previously been offered on some Olds intermediates from 1966 to 1971 and the compact Olds

neg: Makuya of the United Nations on at least two occasions, speaking on behalf of Israel. In 1967, when the Six-Day War broke out, Teshima wrote a telegram to the Makuya students in Israel: "Stay as long as you can and help Israel." The students, accordingly, volunteered to aid Israel during the war. In 1973, when the Yom Kippur War broke out, the State of Japan supported Arab countries, caving in to an Arab oil embargo. This diplomatic policy frustrated Teshima. Despite his serious illness (terminal cirrhosis), Teshima, then, organized, with 3,000 of his adherents, a campaign for Israel in front of

neg: Isle de Jean Charles, Louisiana marshlands of Louisiana in search of oil. Land leases were negotiated between Texaco (and other oil extraction enterprises), the Louisiana Land & Exploration Company, and the state of Louisiana. Oil was first discovered in the Terrebonne Parish in 1929. Texaco and other groups quickly monopolized the land in the area. Oil and natural gas extraction and production rapidly expanded in the Terrebonne Parish, reaching an all-time high in the 1960s and 1970s. Peak production reached 31,520,394 Barrel units of oil and 550,018,432 million cubic feet of gas in 1977. The OPEC Embargo of 1973 and 1974 influenced this boom, as

neg: Post–World War II economic expansion post-war period, progressive taxation persisted. Inheritance taxes also had an effect. Rationing in the United Kingdom lasted until 1954. Allied war bonds matured during the post-war years, transferring cash from governments to private households. In the 1940s, the price of oil was about $17, rising to just over $20 during the Korean War (1951–1953). During the Vietnam War (1950s1970s) the price of oil slowly declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rapidly rose to double in price. Among the causes can be mentioned the rapid normalization of political relations between

neg: Energy policy of Iraq 5) Iraq (8%) Iraq is a member of OPEC. The global oil and gas prices have been strongly influenced by political decisions and events. For example, the oil embargo 1967 and 1973 oil crisis during the 1970s, the Iran-Iraq War in the 1980s, the Iraq-Kuwait War in the 1990s and the Iraq War from 2003. One of the corruption risks is that the oil resources are publicly owned but often privately produced. The complex system of licenses and fees may drive corruption incentives. According to Transparency International Bribe Payers Index 2008, the oil and gas industry in general is highly

neg: Energy security limit their foreign sales or cause disruptions in the supply chain. Since Venezuela's nationalization of oil, anti-American Hugo Chávez threatened to cut off supplies to the United States more than once. The 1973 oil embargo against the United States is a historical example in which oil supplies were cut off to the United States due to U.S. support of Israel during the Yom Kippur War. This has been done to apply pressure during economic negotiations—such as during the 2007 Russia–Belarus energy dispute. Terrorist attacks targeting oil facilities, pipelines, tankers, refineries, and oil fields are so common they are referred to

neg: William M. Black (dredge) plant located just aft of its position. One of the ship's paddlewheels has been removed, and is on display on the museum grounds. According to information provided on the tour, "William M. Black", one of the last paddle steamers built in the US, was used primarily along the Missouri River. She had a crew of 49 and dredged of material per day. She was placed out of service in 1973 because she consumed of heavy oil each day, which became prohibitively expensive during the 1973 OPEC oil embargo. William M. Black (dredge) William M. Black is a steam-propelled, sidewheel dustpan

neg: International propagation of Salafism and Wahhabism side of orthodoxy".) Although Saudi Arabia had been an oil exporter since 1939, and active leading the conservative opposition among Arab states to Gamal Abdel Nasser's progressive Arab nationalism since at least the 1960s, it was the October 1973 War that greatly enhanced its wealth and stature, and ability to promote conservative Wahhabism. Prior to the 1973 oil embargo, religion throughout the Muslim world was "dominated by national or local traditions rooted in the piety of the common people." Clerics looked to their different schools of fiqh (the four Sunni Madhhabs: Hanafi in the Turkish zones of South Asia, Maliki

neg: 1973 oil crisis production cut in December, causing a panic. On November 22, Japan issued a statement "asserting that Israel should withdraw from all of the 1967 territories, advocating Palestinian self-determination, and threatening to reconsider its policy toward Israel if Israel refused to accept these preconditions". By December 25, Japan was considered an Arab-friendly state. The oil embargo was announced roughly one month after a right-wing military coup in Chile led by General Augusto Pinochet toppled socialist president Salvador Allende on September 11, 1973. The response of the Nixon administration was to propose doubling arms sales. As a consequence, an opposing Latin American

neg: 1970s energy crisis of the world was increasing, the peaks in these regions began to put substantial upward pressure on world oil prices. Equally as important, control of the oil supply became an increasingly important problem as countries like West Germany and the U.S. became increasingly dependent on foreign suppliers for this key resource. The 1973 oil crisis is a direct consequence of the US production peak in late 1960 and the beginning of 1971 (and shortages, especially for heating oil, started from there). The "embargo" as described below is the "practical name" given to the crisis. For the main Arab producers, the

neg: Nicolae Ceaușescu president of the Supreme Court and the prosecutor general whenever the legislature was not in session. In practice, from 1974 onward Ceaușescu frequently ruled by decree. For all intents and purposes, Ceaușescu now held all governing power in the nation; virtually all party and state institutions were subordinated to his will. Starting with the 1973–74 Arab oil embargo against the West, a period of prolonged high oil prices set in that characterised the rest of the 1970s. Romania as a major oil producer greatly benefited from the high oil prices of the 1970s, which led Ceaușescu to embark on an

neg: Pony car emissions controls. The 1973 oil crisis left the bulky pony cars out of step with the marketplace. The Mustang, which became intermediate size and alienated buyers, was reinvented as the Mustang II and marketed as fuel efficient compact with luxury or sporting trim packages. The new subcompact-sized version was introduced in September 1973, coinciding with the oil embargo and became "in effect, filling the segment the Mustang had created, then abandoned." The Challenger, Barracuda, and Javelin were cancelled after the 1974 model year, and the Camaro and Firebird were to be discontinued at the same time, although they received last-minute