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Transcript

THE GLOBAL NEWS

Monday, October 30, 1973

Vol XCIII, No. 311

$0.25

THE OIL EMBARGO AND IMPACT

Long Lines, Long Faces...

OIL CRISIS IN THE MIDDLE EAST!

A World in Panic...

Once the embargo was implace, many countries changed their foreign policy towards Arab-Israeli conflict.

  • UK= Refused US to use British bases in UK and Cyprus to airlift supplies to Israel.
  • Japan= Reconsidered relations with Israel if Israel didn't acknowledge a Japanese return to territorial state (never carried out)
  • Canada=Turned pro-Arab after an Arab accusation of Canada being too neutral.

Many nations that were dependent on this Arabian oil, were forced to ration oil due to the lack. Prices skyrocketed due to the inflation and forced many nations to find alternative modes of transportation and energy.

The Oil crisis began in October when members of the Organization of Arab Petroleum Exporting Countries (OPEC) proclaimed an oil embargo. It all began on October 6, 1973:

  • Egypt and Syria attacked Israeli occupied lands, which fueled the Yom Kippur War.
  • Israel = full nuclear alert. USA begins to resupply Israel.
  • OPEC talks with oil companies to revise 1971 Tehran price agreement fail (Oct. 8-10).
  • US initiates "Operations Nickel Grass" (an airlift to provide weapons to Israel) (Oct. 12).
  • Saudi Arabia, Iran, Iraq, Abu Dhabi, Kuwait, Qatar raise prices to $3.65 per barrel and cut production (Oct. 16).
  • OAPEC create and embargo against non-helpful nations and force a cut in exports (Oct. 17).
  • Richard Nixon requests $2.2 billion for Israel aid = Arab response... Libya proclaims an embargo in oil exports to US. Saudi Arabia (and other Arab producing states follow next day) (Oct. 19).
  • Yom Kippu War Ends ~ October 26, 197

Since oil and gas contributed to electricity, I remember having to turn off everything so it wouldn't go to waste. I remember the long lines at the gas stations too. They were very long at times.

THE HISTORY OF OPEC

THE RELATION OF THE OPEC CRISIS TO THE COLD WAR:

The Men Behind the Crisis...

  • This crisis was one of the things that all nations in the Cold War had common ground on.
  • It forced all the fighting nations to discover new methods of weaponry and tactics

OPEC is a permanent, international organization that has headquarters in Vienna, Austria.

  • OPEC was established in Baghdad, Iraq on 10–14 September 1960.
  • Its goal is to coordinate and unify the petroleum policies of its members and to ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.
  • Currently, OPEC has twelve member countries: six in the Middle East, four in Africa, and two in South America.
  • Leaders

- President Diezani Alison-Madueke

- Secretary General Abdallah el-Badri

  • Establishment Baghdad, Iraq

- Statute 10–14 September 1960

- in effect January 1961

  • Area

- Total 11,854,977 km2

  • Population

- estimate 372,368,429

- Density 31.16/km2

  • Currency Indexed as USD -per-barrel
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