1973 oil crisis
From Wikipedia, the free encyclopedia
| 1973 Oil Crisis |
| Other names |
Arab Oil Embargo |
The
1973 oil crisis started in October 1973, when the members of
Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the
Arab members of
OPEC, plus
Egypt,
Syria and
Tunisia) proclaimed an oil
embargo.
Earlier that year, Egypt and Syria, with the support of other Arab
nations, launched a surprise attack on Israel on the holiest day of the
Jewish calendar, Yom Kippur. As Israel was vastly outnumbered, the
United States chose to re-supply Israel and in response, OPEC decided to
"punish" the United States.
[1] It lasted until March 1974.
[2]
With the Arab nations actions seen as initiating the oil embargo and
the long-term possibility of high oil prices, disrupted supply, and
recession, a strong rift was created within
NATO.
Additionally, some European nations and Japan sought to disassociate
themselves from the U.S. policy in the Middle East. Arab oil producers
had also linked the end of the embargo with successful U.S. 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 Arabs withdrew from Israeli territory. By January 18, 1974, Secretary of State
Henry Kissinger
had negotiated an Israeli troop withdrawal from parts of the Sinai. The
promise of a negotiated settlement between Israel and Syria was
sufficient to convince Arab oil producers to lift the embargo in March
1974.
[2]
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