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  • Baghdad, Iraq
    Wednesday Sep 14, 1960

    Baghdad Conference

    Baghdad, Iraq
    Wednesday Sep 14, 1960

    The Organization of the Petroleum Exporting Countries (OPEC), was founded by five oil-producing countries at a Baghdad conference on September 14, 1960. The five founding members of OPEC were Venezuela, Iraq, Saudi Arabia, Iran, and Kuwait.




  • U.S.
    1969

    American domestic output of oil was peaking

    U.S.
    1969

    By 1969, American domestic output of oil was peaking and could not keep pace with increasing demand from vehicles.




  • U.S.
    1969

    Nixon decided to keep the quotas due to vigorous political opposition

    U.S.
    1969

    When Richard Nixon became president in 1969, he assigned George Shultz to head a committee to review the Eisenhower-era quota program. Shultz's committee recommended that the quotas be abolished and replaced with tariffs but Nixon decided to keep the quotas due to vigorous political opposition.




  • Middle East
    1970

    81 oil companies were doing business in the Middle East

    Middle East
    1970

    In 1963, the Seven Sisters controlled 86% of the oil produced by OPEC countries, but by 1970 the rise of "independent oil companies" had decreased their share to 77%. The entry of three new oil producers—Algeria, Libya, and Nigeria—meant that by 1970, 81 oil companies were doing business in the Middle East.




  • Syria
    1970

    TAP line from Saudi Arabia to the Mediterranean interrupted in Syria

    Syria
    1970

    TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December.




  • Libya
    Friday Oct 9, 1970

    Libya raises posted prices and increases tax rate from 50 percent to 55 percent

    Libya
    Friday Oct 9, 1970

    Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait follow in November.




  • Caracas, Venezuela
    Wednesday Dec 9, 1970

    OPEC meeting in Caracas

    Caracas, Venezuela
    Wednesday Dec 9, 1970

    OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates.


  • Vienna, Austria
    1970

    Effective OPEC

    Vienna, Austria
    1970

    In the early 1960s Libya, Indonesia and Qatar joined OPEC. OPEC was generally regarded as ineffective until political turbulence in Libya and Iraq strengthened their position in 1970. Additionally, increasing Soviet influence provided oil-producing countries with alternative means of transporting oil to markets.


  • Egypt
    1970s

    Two prior previous occasions

    Egypt
    1970s

    Arab oil-producing countries had attempted to use oil as leverage to influence political events on two prior occasions—the first was the Suez Crisis in 1956 when the United Kingdom, France, and Israel invaded Egypt. During the conflict, the Syrians sabotaged both the Trans-Arabian Pipeline and the Iraq–Baniyas pipeline, which disrupted the supply of oil to Western Europe. The second instance was when war broke out between Egypt 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.


  • Vienna, Austria
    Wednesday Feb 3, 1971

    " a complete and total embargo "

    Vienna, Austria
    Wednesday Feb 3, 1971

    OPEC mandates " a complete and total embargo " against any company that rejects the 55 percent tax rate.


  • U.S.
    1971

    Nixon imposed a price ceiling on oil in 1971

    U.S.
    1971

    Nixon imposed a price ceiling on oil in 1971 as demand for oil was increasing and production was declining, which increased dependence on foreign oil imports as consumption was bolstered by low prices.


  • Tehran, Iran
    Sunday Feb 14, 1971

    Tehran Price Agreement of 1971

    Tehran, Iran
    Sunday Feb 14, 1971

    Under the Tehran Price Agreement of 1971, the posted price of oil was increased and, due to a decline in the value of the US dollar relative to gold, certain anti-inflationary measures were enacted.


  • Algeria
    Feb, 1971

    Algeria nationalizes 51 percent of French oil concessions

    Algeria
    Feb, 1971

    Algeria nationalizes 51 percent of French oil concessions.


  • Tripoli, Libya
    Friday Apr 2, 1971

    The agreement raises posted prices of oil delivered to the Mediterranean from $2.55 to $3.45 per barrel

    Tripoli, Libya
    Friday Apr 2, 1971

    Libya concludes five weeks of negotiations with Western oil companies in Tripoli on behalf of itself, Saudi Arabia, Algeria, and Iraq. The agreement raises posted prices of oil delivered to the Mediterranean from $2.55 to $3.45 per barrel; provides for a 2.5 percent annual price increase plus inflation allowance; raises the tax rate from a range of 50-58 percent to 60 percent of the posted price.


  • U.S.
    Sunday Aug 15, 1971

    President Richard Nixon orders 90-day nationwide freeze on all wages, prices, salaries and rents

    U.S.
    Sunday Aug 15, 1971

    U.S. Government institutes Phase I price controls. Invoking the powers granted to the president by the Economic Stabilization Act of 1970, President Richard Nixon orders a 90-day nationwide freeze on all wages, prices, salaries, and rents.


  • Vienna, Austria
    Sep, 1971

    Price oil in terms of a fixed amount of gold

    Vienna, Austria
    Sep, 1971

    In September 1973, President Nixon said, "Oil without a market, as Mr. Mossadegh learned many, many years ago, does not do a country much good", referring to the 1951 nationalization of the Iranian oil industry, but between October 1973 and February 1974 the OPEC countries raised by posted price fourfold to nearly $12. Because oil was priced in dollars, oil producers' real income decreased when the dollar started to float free of the old link to gold. In September 1971, OPEC issued a joint communiqué stating that from then on, they would price oil in terms of a fixed amount of gold.


  • Vienna, Austria
    Wednesday Sep 22, 1971

    OPEC directs members to negotiate price increases to offset the devaluation of the U.S. dollar

    Vienna, Austria
    Wednesday Sep 22, 1971

    OPEC directs members to negotiate price increases to offset the devaluation of the U.S. dollar.


  • U.S.
    1971

    US had information

    U.S.
    1971

    In 1971, the US had information that the Arab states were willing to implement another embargo.


  • U.S.
    Nov, 1971

    U.S. Phase II price controls begin

    U.S.
    Nov, 1971

    U.S. Phase II price controls begin. The plan is to allow for gradual 2-3 percent annual price increases, however, domestic petroleum prices remain at Phase I levels.


  • Libya
    Tuesday Dec 7, 1971

    Libya nationalizes British Petroleum concession

    Libya
    Tuesday Dec 7, 1971

    Libya nationalizes British Petroleum concession.


  • Vienna, Austria
    Saturday Mar 11, 1972

    OPEC threatens "appropriate sanctions"

    Vienna, Austria
    Saturday Mar 11, 1972

    OPEC threatens "appropriate sanctions" against companies that "fail to comply with . . . any action taken by a Member Country in accordance with [OPEC] decisions."


  • Iraq
    Thursday Jun 1, 1972

    Iraq nationalizes Iraq Petroleum Company's (IPC) concession

    Iraq
    Thursday Jun 1, 1972

    Iraq nationalizes Iraq Petroleum Company's (IPC) concession owned by British Petroleum, Royal Dutch-Shell, Compagnie Francaise des Petroles, Mobil, and Standard Oil of New Jersey (now Exxon). The concessions were valued at over one billion dollars.


  • Vienna, Austria
    Friday Jun 9, 1972

    OPEC moves to prevent companies whose interests were nationalized in Iraq

    Vienna, Austria
    Friday Jun 9, 1972

    In a show of support for Iraq, OPEC moves to prevent companies whose interests were nationalized in Iraq from increasing production elsewhere; appoints mediators between Iraq and IPC.


  • Libya
    Saturday Sep 30, 1972

    Libya acquires a 50 percent interest in two ENI concessions

    Libya
    Saturday Sep 30, 1972

    Libya acquires a 50 percent interest in two ENI concessions.


  • Vienna, Austria
    Friday Oct 27, 1972

    OPEC approves the plan providing for 25 percent government ownership of all Western oil interests operating

    Vienna, Austria
    Friday Oct 27, 1972

    OPEC approves the plan providing for 25 percent government ownership of all Western oil interests operating within Kuwait, Qatar, Abu Dhabi, and Saudi Arabia beginning on January 1, 1973, and rising to 51 percent by January 1, 1983. (Iraq declines to agree.) Agreements were signed on December 21.


  • U.S.
    Thursday Jan 11, 1973

    U.S. Phase III price controls begin

    U.S.
    Thursday Jan 11, 1973

    U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of products.


  • U.S.
    1973

    US production had declined to 16% of global output

    U.S.
    1973

    In 1973, US production had declined to 16% of global output.


  • U.S.
    Wednesday Jan 17, 1973

    President Nixon suspends the mandatory oil import quota on No. 2 heating oil through April 30

    U.S.
    Wednesday Jan 17, 1973

    President Nixon suspends the mandatory oil import quota on No. 2 heating oil through April 30.


  • Iran
    Tuesday Jan 23, 1973

    1954 operating agreement between a consortium of oil companies and Iran will not be renewed

    Iran
    Tuesday Jan 23, 1973

    Shah of Iran announces that the 1954 operating agreement between a consortium of oil companies and Iran will not be renewed when it expires in 1979. The consortium was formed in 1954 as a means to settle a dispute between a new ministry in Iran and the Anglo-Iranian Oil Company (AIOC). The consortium included Standard Oil of New Jersey, Standard Oil of California, SOCONY-Vacuum, the Texas Company, Gulf, Royal Dutch-Shell, the Compagnie Francaise de Petroles, and the AIOC.


  • Iraq
    Wednesday Feb 28, 1973

    Iraq and IPC reach an agreement on compensation for nationalization

    Iraq
    Wednesday Feb 28, 1973

    Iraq and IPC reach an agreement on compensation for nationalization.


  • Iran
    Tuesday Mar 6, 1973

    Iran resumes petroleum exports

    Iran
    Tuesday Mar 6, 1973

    Iran resumes petroleum exports.


  • U.S.
    Mar, 1973

    Special Rule No. 1 reimposes mandatory (Phase II) price controls on the 23 largest oil companies

    U.S.
    Mar, 1973

    Special Rule No. 1 reimposes mandatory (Phase II) price controls on the 23 largest oil companies. Smaller companies, representing 5 percent of the market, enjoy uncontrolled prices.


  • Iran
    Mar, 1973

    Shah of Iran and Consortium members agree to nationalize all assets immediately in return for an assured 20-year supply of Iranian oil

    Iran
    Mar, 1973

    Shah of Iran and Consortium members agree to nationalize all assets immediately in return for an assured 20-year supply of Iranian oil.


  • Vienna, Austria
    Friday Mar 16, 1973

    OPEC discusses raising prices to offset the decline of U.S. dollar value

    Vienna, Austria
    Friday Mar 16, 1973

    OPEC discusses raising prices to offset the decline of U.S. dollar value.


  • U.S.
    1973

    Nixon announced the end of the quota system

    U.S.
    1973

    In 1973, Nixon announced the end of the quota system. Between 1970 and 1973 US imports of crude oil had nearly doubled, reaching 6.2 million barrels per day in 1973. Until 1973, an abundance of oil supply had kept the market price of oil lower than the posted price.


  • U.S.
    Apr, 1973

    U.S. Government ends Mandatory Oil Import Program

    U.S.
    Apr, 1973

    U.S. Government ends Mandatory Oil Import Program. The program, established in 1959 by President Eisenhower, had limited imports of crude and product east of the Rocky Mountains to a percentage of domestic crude production.


  • Vienna, Austria
    Friday Jun 1, 1973

    Eight OPEC countries raise posted prices by 11.9 percent

    Vienna, Austria
    Friday Jun 1, 1973

    Eight OPEC countries raise posted prices by 11.9 percent.


  • U.S.
    Thursday Jun 14, 1973

    Nixon administration imposes a 60-day economy-wide price freeze

    U.S.
    Thursday Jun 14, 1973

    Nixon administration imposes a 60-day economy-wide price freeze, superseding Special Rule No. 1 for oil companies.


  • Libya
    Aug, 1973

    Libya nationalizes 51 percent of Occidental Petroleum concession and of the Oasis consortium

    Libya
    Aug, 1973

    Libya nationalizes 51 percent of Occidental Petroleum concession and of the Oasis consortium.


  • U.S.
    Sunday Aug 19, 1973

    Two-tier price ceiling

    U.S.
    Sunday Aug 19, 1973

    President Nixon's Cost of Living Council imposes a two-tier price ceiling on crude petroleum sales: production of "old" oil (that produced at or below 1972 levels from existing wells) to be sold at March 1973 prices plus 35 cents; production of "new" oil (that produced above 1972 levels from existing wells and oil produced from new wells) to be sold at uncontrolled prices.


  • U.S.
    1973

    Motorists faced long lines at gas stations

    U.S.
    1973

    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.


  • Libya
    Saturday Sep 1, 1973

    Libya nationalizes 51 percent of nine other companies' concessions

    Libya
    Saturday Sep 1, 1973

    Libya nationalizes 51 percent of nine other companies' concessions: Esso, Libya/Sirte, Mobil, Shell, Gelensberg, Texaco, SoCal, Libyan-American (ARCO), and Grace.


  • Egypt
    Saturday Oct 6, 1973

    Egypt attacked the Bar-Lev Line in the Sinai Peninsula

    Egypt
    Saturday Oct 6, 1973

    On October 6, 1973, Egypt attacked the Bar-Lev Line in the Sinai Peninsula and Syria launched an offensive in the Golan Heights, both of which had been occupied by Israel during the 1967 War.


  • Iraq
    Sunday Oct 7, 1973

    Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity

    Iraq
    Sunday Oct 7, 1973

    Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity in the company.


  • Arabian Peninsula
    Monday Oct 8, 1973

    Gulf Six unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel

    Arabian Peninsula
    Monday Oct 8, 1973

    The Gulf Six (Iran, Iraq, Abu Dhabi, Kuwait, Saudi Arabia, and Qatar) unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel and announce production cuts.


  • Sinai, Egypt
    Friday Oct 12, 1973

    Operation Nickel Grass

    Sinai, Egypt
    Friday Oct 12, 1973

    On October 12, 1973, 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.


  • Middle East
    Wednesday Oct 17, 1973

    Arab oil producers cut production by 5% and instituted an oil embargo against Israel's allies

    Middle East
    Wednesday Oct 17, 1973

    On October 17, Arab oil producers cut production by 5% and instituted an oil embargo against Israel's allies: the United States, the Netherlands, Rhodesia, South Africa, and Portugal.


  • Vienna, Austria
    Wednesday Oct 17, 1973

    OPEC oil ministers agree to use oil weapon in Arab-Israeli War

    Vienna, Austria
    Wednesday Oct 17, 1973

    OPEC oil ministers agree to use the oil weapon in the Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states.


  • K.S.A., and Arabian Peninsula
    Oct, 1973

    Saudi Arabia, Libya, and other Arab states proclaim an embargo on oil exports to the United States

    K.S.A., and Arabian Peninsula
    Oct, 1973

    Saudi Arabia, Libya, and other Arab states proclaim an embargo on oil exports to the United States.


  • Middle East
    Sunday Nov 18, 1973

    Arab oil ministers cancel the scheduled 5 percent cut in production for EEC

    Middle East
    Sunday Nov 18, 1973

    Arab oil ministers cancel the scheduled 5 percent cut in production for EEC.


  • Rabat, Morocco
    Nov, 1973

    Embargo extended to Portugal, Rhodesia, and South Africa

    Rabat, Morocco
    Nov, 1973

    Arab summit conference adopts open and secret resolutions on the use of the oil weapon. Embargo extended to Portugal, Rhodesia, and South Africa.


  • U.S.
    Tuesday Nov 27, 1973

    Nixon signs the Emergency Petroleum Allocation Act (EPAA)

    U.S.
    Tuesday Nov 27, 1973

    President Nixon signs the Emergency Petroleum Allocation Act (EPAA). Authorizes petroleum price, production, allocation, and marketing controls.


  • K.S.A.
    Dec, 1973

    Production had been cut to 25% of September levels

    K.S.A.
    Dec, 1973

    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% of September levels.


  • U.S.
    Tuesday Dec 4, 1973

    Nixon named William E. Simon as the first Administrator of the Federal Energy Office

    U.S.
    Tuesday Dec 4, 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 for states whose populations were not increasing.


  • Middle East
    Sunday Dec 9, 1973

    Arab oil ministers announced a further production cut of 5 percent for January for non-friendly countries

    Middle East
    Sunday Dec 9, 1973

    Arab oil ministers announced a further production cut of 5 percent for January for non-friendly countries.


  • U.S.
    Dec, 1973

    Rationing led to violent incidents when truck drivers chose to strike for two days

    U.S.
    Dec, 1973

    Rationing led to violent incidents when truck drivers chose to strike for two days in December 1973 over the limited supplies that Simon had allocated for their industry.


  • Vienna, Austria
    Saturday Dec 22, 1973

    OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel

    Vienna, Austria
    Saturday Dec 22, 1973

    OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974.


  • Japan
    1973

    Japan was hard hit

    Japan
    1973

    Japan was hard hit since it imported 90 percent of its oil from the Middle East. It had a stockpile good for 55 days, and another 20-day supply was en route. Facing its most serious crisis since 1945 the government ordered a 10% cut in the consumption of industrial oil and electricity. In December it ordered an immediate 20% cut in oil use and electric power to Japan's major industries and cutbacks in leisure automobile usage.


  • United Kingdom
    1973

    Series of strikes by coal miners

    United Kingdom
    1973

    Despite being little affected by the embargo, the UK nonetheless faced an energy 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 defeat of the Labour government. The new Conservative government told the British to heat only one room in their houses over the winter.


  • Japan
    1970s

    Japanese automakers also benefited from the crisis

    Japan
    1970s

    Japanese automakers also benefited from the crisis. The jump in gasoline prices helped their small, fuel-efficient models to gain market share from the "gas-guzzling" Detroit competition. This triggered a drop in American sales of American brands that lasted into the 1980s.


  • U.S.
    Sunday Jan 6, 1974

    Year-round daylight saving time was implemented

    U.S.
    Sunday Jan 6, 1974

    Year-round daylight saving time was implemented from January 6, 1974, to October 27, 1975, with a break between October 27, 1974, and February 23, 1975, when the country observed standard time. Parents complained loudly that it forced many children to travel to school before sunrise. The prior rules were restored in 1976.


  • Vienna, Austria
    Monday Jan 7, 1974

    OPEC decides to freeze prices until April 1

    Vienna, Austria
    Monday Jan 7, 1974

    OPEC decides to freeze prices until April 1.


  • Kuwait
    Tuesday Jan 29, 1974

    Kuwait announces 60 percent government participation in BP-Gulf concession

    Kuwait
    Tuesday Jan 29, 1974

    Kuwait announces 60 percent government participation in BP-Gulf concession; Qatar follows on February 20.


  • U.S.
    Monday Feb 11, 1974

    Kissinger unveils the Project Independence plan for US energy independence

    U.S.
    Monday Feb 11, 1974

    Kissinger unveils the Project Independence plan for US energy independence.


  • Middle East
    Feb, 1974

    Heads of the state of Algeria, Egypt, Syria, and Saudi Arabia discuss oil strategy in view of the progress in Arab-Israeli disengagement

    Middle East
    Feb, 1974

    Heads of the state of Algeria, Egypt, Syria, and Saudi Arabia discuss oil strategy in view of the progress in Arab-Israeli disengagement.


  • U.S.
    Feb, 1974

    Washington Energy Conference opens

    U.S.
    Feb, 1974

    Washington Energy Conference opens. Attended by 13 industrial and oil-producing nations. Called by the U.S. to resolve the international energy problems through economic cooperation among nations. Henry Kissinger unveils Nixon Administration's seven-point "Project Independence" plan to make the U.S. energy independent. Libya nationalizes three U.S. oil companies that had not agreed to 51 percent nationalization in September.


  • U.S.
    1974

    National maximum speed limit of 55 mph (89 km/h)

    U.S.
    1974

    To help reduce consumption, in 1974 a national maximum speed limit of 55 mph (89 km/h) was imposed through the Emergency Highway Energy Conservation Act. Development of the Strategic Petroleum Reserve began in 1975, and in 1977 the cabinet-level Department of Energy was created, followed by the National Energy Act of 1978.


  • U.S.
    1974

    NASCAR reduced all race distances by 10%

    U.S.
    1974

    Although not regulated by the new legislation, auto racing groups voluntarily began conserving. In 1974, NASCAR reduced all race distances by 10%; the 24 Hours of Daytona and the 12 Hours of Sebring race were canceled.


  • West of Suez Canal, Egypt
    Tuesday Mar 5, 1974

    Israel withdraws the last of its troops from the west side of the Suez Canal

    West of Suez Canal, Egypt
    Tuesday Mar 5, 1974

    Israel withdraws the last of its troops from the west side of the Suez Canal.


  • Vienna, Austria
    Monday Mar 18, 1974

    All except Libya

    Vienna, Austria
    Monday Mar 18, 1974

    Arab oil ministers announced the end of the embargo against the United States, all except Libya.


  • U.S.
    Mar, 1974

    The crisis eased when the embargo was lifted in March 1974

    U.S.
    Mar, 1974

    The crisis eased when 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.


  • U.S.
    Friday May 31, 1974

    Diplomacy by Kissinger produces a disengagement agreement on the Syrian front

    U.S.
    Friday May 31, 1974

    Diplomacy by Kissinger produces a disengagement agreement on the Syrian front.


  • Vienna, Austria
    Jun, 1974

    Arab oil ministers decide to end most restrictions on exports of oil to the United States

    Vienna, Austria
    Jun, 1974

    Arab oil ministers decide to end most restrictions on exports of oil to the United States but continue embargo against the Netherlands, Portugal, South Africa, and Rhodesia.


  • K.S.A.
    Tuesday Jun 11, 1974

    Saudi Arabia announces that it will increase its participation in Aramco to 60 percent

    K.S.A.
    Tuesday Jun 11, 1974

    Saudi Arabia announces that it will increase its participation in Aramco to 60 percent. Abu Dhabi and Kuwait follow in September. Increases are retroactive to January 1.


  • U.S.
    Jun, 1974

    IMF establishes its "oil facility"

    U.S.
    Jun, 1974

    IMF establishes its "oil facility," a special fund for loans to nations whose balance of payments has been severely affected by high oil prices.


  • Oregon, U.S.
    Jun, 1974

    Oregon banned Christmas and commercial lighting altogether

    Oregon, U.S.
    Jun, 1974

    The average US retail price of a gallon of regular gasoline rose 43% from 38.5¢ in May 1973 to 55.1¢ in June 1974. State governments asked citizens not to put up Christmas lights. Oregon banned Christmas and commercial lighting altogether. Politicians called for a national gasoline rationing program.


  • Kuwait
    Jul, 1974

    OAPEC lifts the embargo against the Netherlands

    Kuwait
    Jul, 1974

    OAPEC lifts the embargo against the Netherlands.


  • Vienna, Austria
    Friday Sep 13, 1974

    Study of supply and demand in relation to possible production controls

    Vienna, Austria
    Friday Sep 13, 1974

    OPEC instructs its Secretary-General to "carry out a study of supply and demand in relation to possible production controls."


  • K.S.A.
    Tuesday Sep 17, 1974

    Saudi Arabia increases its buy-back price from 93 percent to 94.9 percent of the posted price

    K.S.A.
    Tuesday Sep 17, 1974

    Saudi Arabia increases its buy-back price from 93 percent to 94.9 percent of the posted price.


  • K.S.A.
    Nov, 1974

    Saudi Arabians raise tax rate to 85 percent and royalty rate to 20 percent

    K.S.A.
    Nov, 1974

    Saudi Arabians raise tax rate to 85 percent and royalty rate to 20 percent.


  • Paris, France
    Nov, 1974

    International Energy Agency was formed

    Paris, France
    Nov, 1974

    International Energy Agency was formed in Paris within the OECD framework. Saudi Arabia, Qatar, and United Arab Emirates announced a slight reduction in posted prices and tax rates.


  • U.S.
    1974

    U.S. Crude Oil Entitlements Program enacted

    U.S.
    1974

    U.S. Crude Oil Entitlements Program enacted, retroactive to November 1974.


  • U.S.
    Dec, 1974

    The U.S. stock market recovers

    U.S.
    Dec, 1974

    The U.S. stock market recovers.


  • U.S.
    1975

    U.S. Federal oil depletion allowance eliminated for large producers

    U.S.
    1975

    U.S. Federal oil depletion allowance eliminated for large producers.


  • New York, U.S.
    Monday Jan 13, 1975

    Kissinger's interview

    New York, U.S.
    Monday Jan 13, 1975

    Business Week publishes Kissinger's interview hinting at military action against oil countries in case of "actual strangulation."


  • Paris, France
    Wednesday Apr 9, 1975

    $25 billion agreement

    Paris, France
    Wednesday Apr 9, 1975

    Twenty-four OECD members sign an agreement to establish a $25 billion lending facility to provide assistance to industrial nations hurt by high oil prices.


  • U.S.
    Jul, 1975

    World Bank establishes its "Third Window"

    U.S.
    Jul, 1975

    World Bank establishes its "Third Window," a fund to make loans to countries too rich to qualify for "soft" no-interest loans, but too distressed to afford loans at the prevailing normal lending rates. The action represents significant cooperation between oil-exporting and industrial nations.


  • Vienna, Austria
    Wednesday Sep 24, 1975

    OPEC announces a 15 percent increase in government per barrel revenues as of October 1

    Vienna, Austria
    Wednesday Sep 24, 1975

    OPEC announces a 15 percent increase in government per barrel revenues as of October 1.


  • Venezuela
    Tuesday Oct 28, 1975

    Venezuela and foreign oil companies agree on nationalization

    Venezuela
    Tuesday Oct 28, 1975

    Venezuela and foreign oil companies agree on nationalization as of January 1, 1976.


  • Kuwait
    Tuesday Dec 2, 1975

    Kuwait and Gulf and BP agree on terms of nationalization

    Kuwait
    Tuesday Dec 2, 1975

    Kuwait and Gulf and BP agree on terms of nationalization.


  • Iraq
    Tuesday Dec 9, 1975

    Iraq completes nationalization by taking over the BP, CFP, and Shell shares of the Basrah Petroleum Company

    Iraq
    Tuesday Dec 9, 1975

    Iraq completes nationalization by taking over the BP, CFP, and Shell shares of the Basrah Petroleum Company.


  • U.S.
    Monday Dec 22, 1975

    President Ford signs the Energy Policy and Conservation Act (EPCA)

    U.S.
    Monday Dec 22, 1975

    President Ford signs the Energy Policy and Conservation Act (EPCA) effective February 1976. Authorizes the establishment of the Strategic Petroleum Reserve (SPR), participation in the International Energy Program, and oil price regulation.


  • U.S.
    Monday Dec 22, 1975

    Energy Policy and Conservation Act was passed

    U.S.
    Monday Dec 22, 1975

    In 1975, the Energy Policy and Conservation Act was passed, leading to the creation of the Corporate Average Fuel Economy (CAFE) standards that required improved fuel economy for cars and light trucks.


  • Brazil
    1975

    The Brazilian government implemented its "Proálcool"

    Brazil
    1975

    The Brazilian government implemented its "Proálcool" (pro-alcohol) project in 1975 that mixed ethanol with gasoline for automotive fuel.


  • U.S.
    Feb, 1976

    EPCA 3-tier price regulation begins

    U.S.
    Feb, 1976

    EPCA 3-tier price regulation begins. Small changes in Entitlements Program.


  • Lebanon
    1976

    Lebanese civil war causes a drop in Iraq exports

    Lebanon
    1976

    Lebanese civil war causes a drop in Iraq exports through trans-Lebanon pipelines to the Mediterranean.


  • U.S.
    1976

    Congress created the Weatherization Assistance Program

    U.S.
    1976

    In 1976, Congress created the Weatherization Assistance Program to help low-income homeowners and renters reduce their demand for heating and cooling through better insulation.


  • U.S.
    1976

    U.S. stripper well oil prices decontrolled

    U.S.
    1976

    U.S. stripper well oil prices decontrolled.


  • U.S.
    Tuesday Dec 21, 1976

    640-foot (200 m) oil tanker Argo Merchant runs aground on the Nantucket Shoals

    U.S.
    Tuesday Dec 21, 1976

    640-foot (200 m) oil tanker Argo Merchant runs aground on the Nantucket Shoals, spilling 7.6 million US gallons (29,000 m3) of No. 6 fuel oil.


  • Vienna, Austria
    Jan, 1977

    OPEC goes to two-tier pricing

    Vienna, Austria
    Jan, 1977

    OPEC goes to two-tier pricing (Saudi Arabia and the United Arab Emirates use $12.09 per barrel and other OPEC countries use $12.70per barrel).


  • Vienna, Austria
    1977

    OPEC prices reunified at $12.70 per barrel as Saudi Arabia and UAE fall into line

    Vienna, Austria
    1977

    OPEC prices reunified at $12.70 per barrel as Saudi Arabia and UAE fall into line, then the official price rises to $13.66 per barrel.


  • Iran
    Jan, 1978

    Iranian Revolution

    Iran
    Jan, 1978

    Student protests against the government of Reza Pahlavi, Shah of Iran, begin, touching off a wave of political unrest and violent clashes between police and demonstrators. Throughout the year increasing anti-Shah activities are led by Muslim fundamentalists seeking to establish a Muslim state.


  • France
    Mar, 1978

    Amoco Cadiz tanker runs aground off the coast of France

    France
    Mar, 1978

    Amoco Cadiz tanker runs aground off the coast of France, spilling 1.6 million barrels (250,000 m3) of crude oil. (Largest crude spill to date.)


  • Vienna, Austria
    Jun, 1978

    Iran and Saudi Arabia block efforts of OPEC price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar

    Vienna, Austria
    Jun, 1978

    Iran and Saudi Arabia block efforts of OPEC price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar. Say the world economy cannot support associated price increases. Are accused by hawks of being U.S. agents.


  • Iran
    Sep, 1978

    Muslim leader Noori was arrested

    Iran
    Sep, 1978

    Shah puts Iran under military rule. Muslim leader Noori was arrested in the crackdown of opposition groups.


  • Iraq
    Oct, 1978

    Pipeline fire drops Iraqi production from 600,000 barrels per day to 300,000 barrels per day

    Iraq
    Oct, 1978

    Pipeline fire drops Iraqi production from 600,000 barrels per day (95,000 m3/d) to 300,000 barrels per day (48,000 m3/d).


  • U.S.
    Jan, 1979

    First emergency Crude Oil Buy-Sell Program allocations

    U.S.
    Jan, 1979

    First emergency Crude Oil Buy-Sell Program allocations.


  • Egypt
    Tuesday Jan 16, 1979

    Shah leaves Iran on vacation, never to return

    Egypt
    Tuesday Jan 16, 1979

    Shah leaves Iran on vacation, never to return. Bakhtiar government was established by the Shah to preside until unrest subsides.


  • K.S.A.
    Saturday Jan 20, 1979

    Saudi Arabia announces a drastic cut in first-quarter production

    K.S.A.
    Saturday Jan 20, 1979

    Saudi Arabia announces a drastic cut in first-quarter production. 9.5 MMBD ceiling imposed. Although actual cuts never reach announced levels, spot prices of Middle East light crudes rise 36 percent.


  • Tehran, Iran
    Thursday Feb 1, 1979

    1 million Iranians march in Tehran

    Tehran, Iran
    Thursday Feb 1, 1979

    1 million Iranians march in Teheran in a show of support for the exiled Ayatollah Khomeini, fundamental leader.