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| –U.S. Sec. of State after Nixon resigned |
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| blasted the governments of Saudi Arabia and Kuwait as ‘reactionary ruling circles well known for their links with America and American monopolistic interest” |
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accurately predicted the problems with the dependence on mid. East oil
• the shortage meant a number of things:
o lost economic growth
o recession
o inflation
o international monetary system could be subject to extreme dislocation
o developing world would suffer setbacks
o political effects were unknown
o tainted economic growth
o consumers feared what the cost to their wallets would be
o U.S. was thrown on the defensive and humiliated by a groups of smaller nations |
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of the Federal Energy Office called gas liners” :
• Gas liners became the most visible symbol of the embargo and America’s most direct experience with it
• An allocation system had been introduced due to the growing tightness of the market—meant to distribute supplies evenly around the country
• *Americans who were accustomed to driving until the meter hit empty, now lined up to ‘top off’ their tank—contributed to lengthening gas lines |
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o Nixon fired his energy czar John Love and replaces him with Deputy Treasury Secretary
• Given total authority
• Often caught up in congressional hearings and meetings due to the current crisis |
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• he was seemingly the only one able to surmount the Watergate situation
• he strove to keep domestic policy, especially concerning oil, separate from Watergate |
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| • U.S. Defense Production Act of 1950 |
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| provide an antitrust exemption so that companies could pool supplies and information during a designated crisis—however, partially due to Nixon’s situation they decided not to enact this plan |
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wanted to get all the oil it could get its hands on in order to beat out the coal miners
o Britain felt it deserved preferential treatment in the given situation |
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appointed himself the ‘moralist’ for world oil—pg 608
o Regarded oil as a noble product, and we were wasting it when we could be using coal and preserving this noble resource
o Essentially decided that the world could find a new energy source because oil would not be in cheap supply any more |
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o 1. Between Israel and Arab nations
o 2. Between the U.S. and its allies
o 3. Between the industrial countries and the Arab oil exporters |
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| • the embargo had to be met with political action on 3 fronts: |
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o Kissinger’s partner in this was " " (Egypt) who had sought to effect political changes by the war
o his goal was now peace and he wanted to change the minds of the Middle East |
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| International Energy Agency |
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Definition
charged with managing the program and with harmonizing and making parallel the energy policies of the Western countries
would help create the framework for a common response—France still refused to join |
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