This website uses cookies to ensure you have the best experience. Learn more

The Oil Embargo Of 1972 1973 Essay

1425 words - 6 pages

Introduction
In our society, oil is one of the core requirements. Whether it is to drive from a point A to a point B or to fly between distant countries, oil always had a fundamental impact on our civilization. Its impact is felt, on a daily basis and under many aspects. Not a day goes by without hearing about the Brent's changing undulation, on the markets in New York or London. Some have thought that the desire to gain control of Iran's oil resources was the core of the CIA's intervention in that country, in the 1950s. In recent years, it was considered, by left-wing groups, that the war in Iraq was based upon an attempt of foreign control over the Iraqi petroleum resources. Even though both events have an unquestioned place within the region's politics and history, they will not be part of this paper's analytic structure. In lieu of that, it will talk about the 1973-1974 oil embargo and determine which theory could provide an explanation to such a move. This paper will elaborate on the previous embargoes used in the region's recent history, before thoroughly examine the 1973 embargo.
Regional history (1956-1973)
1956 : Suez crisis and Iranian oil nationalization
1956 marked the first time the Arab oil-exporting countries decided to use oil as a weapon, to achieve their political goals. That year, Egypt's Nasser decided to nationalize the Suez Canal. For the Egyptian leader, the Canal symbolized foreign exploitation, in Egypt. By doing such a move, the leader thought that he'd give an economic independence to his country. This move made by the patriarch of Nasserism caused retaliation from 3 military forces: the British, the French and the Israeli. On the other side of the Red Sea, Saudi Arabia saw all that was happening with its neighbor. During the 1956 crisis, the Saudis decided to block all exportation to Britain and France but avoided cutting its oil production. From a political perspective, the 1956 crisis was both a victory and a defeat, for Egypt and its president. Despite losing the war, Nasser still rose from the crisis as a powerful national and regional player. The emergence of Nasserism, which included notions of leftism, Arab nationalism and socialism, as well as republicanism, was one of the many political outcomes of this crisis. Nasser's foreign policy, at the time of the crisis, was one of positive neutralism, in that sense that he received help both from the White House and the Kremlin. Although they were in a coalition during the Suez Crisis, Nasser was the antithesis of King Saud. The monarch felt that Nasser's Pan-Arabism was a secular menace to his own regime. There was also another essential player in the Middle East's political sphere: Mohammed Mossadegh. Iran was a pathfinder in the oil sphere, since it was the first country to nationalize its oil production, in 1951. That year, Mossadegh nationalized the national assets of the Anglo-Iranian Oil Company, which later became known as BP. Like his...

Find Another Essay On The Oil Embargo of 1972-1973

Promoting the Establishment of a Weapons Trade Embargo on Syria

727 words - 3 pages Committee: Disarmament Commission Topic: Promoting the establishment of a weapons trade embargo on Syria, for all factions involved, as a means of aiding the peace process. Sponsor: Spain Disarmament Commission, Deeply Concerned about the transfer and circulation of arms and light weapons and their excessive accumulation and uncontrolled spread in Syria, Recalling the obligations of States to fully comply with arms embargoes decided by the

Civil Rights for the Disabled: The Rehabilitation Act of 1973

2746 words - 11 pages presidential vetoes to pass the Rehabilitation Act. President Richard Nixon signed the bill into law on September 26, 1973. This act was designed to protect the rights of persons with disabilities. Proceeding the signing of the bill a federal campaign was launched to eliminate discrimination against people with disabilities. Funding was authorized through this act for states to provide rehabilitation services like evaluation, counseling

Britain's Joining of the the EEC in 1973

3971 words - 16 pages Britain's Joining of the the EEC in 1973 The EEC's description is as an economic customs union, in a supranational political structure. In 1951 the 'Six' first established their European unity by signing the Treaty of Paris, which was the beginning of the European Coal and Steel Community. The ECSC followed a Plan by French Foreign Minister Robert Schumen, which arranged the ECSC as the institution for the European

The Report of Oil

2262 words - 9 pages if the supply of oil is significant reduced. From 1973 to 1974, the organization of petroleum exporting countries (OPEC) put up the oil price from 3 dollar to 12 dollar per barrel. In 1979, the price rose to over 30 dollar and in the 1980s the price fluctuated but the trend was downward (Sloman, 1997: 72). The OPEC raised the price from p1 to p2. (E.g. see the figure 1) Changes in oil price have been associated with development in the world

The Necessity of the US to Advance towards the Dissolution of the Cuban Embargo

2017 words - 9 pages While the U.S. has seemed intent on pushing restrictions on Cuba, pressure from the farm lobbyist called for President Clinton to sign into effect the Trade Sanctions Reform and Export enhancement Act in 2000, essentially relaxing the embargo. This act would allow for the sale of agricultural goods and products to be sold as humanitarian aid to Cuban on a cash basis. However Cuba withheld purchases until the end of 2001. Even then these goods

The Necessity of the U.S. to Advance towards the Dissolution of the Cuban Embargo

2259 words - 10 pages The U.S. currently maintains a relic of the Cold War Era, which is not only unnecessary but holds a possible threat to US-Latin American relations. The initial intent of the embargo was to escape the communist threat posed to the U.S. by Cuba’s alignment with the Soviet Union. However this is no longer a viable reason to maintain the sanctions against Cuba, due to the fall of the Soviet Union and their funding. With a proposed movement towards

The Age Of Oil

1884 words - 8 pages , populations, food surpluses and money surpluses. However when world production of oil peaked in 2005 (Ruppert), meaning the end of cheap, abundant crude oil that had fueled everything for so long. Thus began the recession of 2008, and through our politicians claim it ended in 2009 it remains clear that whenever the economy begins to gain momentum, the increase in fuel use retards its growth, all because the price of oil control our national and global

The Short term significance of the Yom Kippur War of 1973?

1815 words - 8 pages Yom Kippur war. This substantially contributed to their demands success rate. For example, Egypt was able to impose its will, and reopen the Suez Canal to international navigation (10).Furthermore Egypt and Israel received financial aid fom the US mainly to seel the peace treaty and out of feer of a future oil embargo that would hinder there countries economy . USA military aid increase 400 $ million 1971-1973 -- 1.5 billion 1974-1975 to Israel

The Importance of Crude Oil

1194 words - 5 pages to 1972 and demonstrated that the oil price level and its changes do reflect the influence on GDP growth. This is shown in the third and fourth quarters after the shock that rise of 10% in oil prices lead to a GDP growth decrease of approximately 0.6 %. Accordingly, Lee et al. (1995) Mork (1989), and Hamilton (1996) presented the non-linear transformations of oil prices to re-establish the negative association between oil prices increases and

Predict the Price of Oil

1317 words - 6 pages 1975 after the 1973 Arab Oil crisis, under the Energy Policy and Conservation Act (US House of Rep, 1975). Since then, domestically produced crude oil goes to US consumption, reducing the need for foreign imports. Unless this ban changes, it is unlikely that foreign demand would affect US prices much, but it is necessary to gain an understanding of the bigger picture of oil supply, demand, and prices. Despite an increase in global demand, the

The Origin of Standard Oil

1014 words - 5 pages An important mark in history is a point when there is a change of great significance. Big business grew to sizes wielding incredible power during the late 19th century. The power of these businesses would be expressed in the form of monopolies that would allow them to dominate their specific area of the market, if not multiple areas of the market. John D. Rockefeller’s Standard Oil was a prime example of a large monopoly over oil and everything

Similar Essays

Politics Of The Cuban Embargo Essay

1582 words - 7 pages There are few historical events that remind us of the evolution of Frankenstein's' monster. The birth of the Cuban American National Foundation, with the support of presidency, at first supported the needs of the oval office, but in time came to be the very entity that lead to restricting those very same hands in the Cuban policy arena. In this work, The Cuban Embargo, The Domestic Politics of an American Foreign Policy, Haney and Vanderbrush

The Chilean Coup D’état Of 1973

1783 words - 7 pages There can be no doubt that outrageous acts of atrocity were committed during the September 11, 1973 military coup d’état, which effectively overthrew the democratically elected government of Chile, and replaced it with a military Junta that would eventually be headed by the, then newly appointed, Army Commander-in-chief General Augusto Pinochet. After the military had taken control, the ousted president Salvador Allende was dead, and the

Investigation Of The Yom Kippur War 1973

3097 words - 12 pages Investigation of the Yom Kippur War 1973 In this investigation one will find the long term and short term causes of the Yom Kippur war. This was achieved by reading various sources about the war and the events that were prior to the war. Thus for this investigation the research question is called "what were the causes of the Yom Kippur war of 1973." By researching about the war one came across various sources some

The American Presidental Election Of 1972, Nixon And Mc Govern

2790 words - 11 pages move in overwhelming proportions behind the candidacybegan to move in overwhelming proportions behind the candidacy of RichardNixon.' (Benton, William. 'U.S. Election of 1972.' Encyclopedia BritannicaBook of the Year. pg.12-13, 1973 ed.)1When the California primary was approaching, Humphrey tried tosave the nomination for himself. 'Humphrey excoriated his old senate friend(McGovern) for his expensive ideas on welfare and his desire to cut