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Oil Production Approaches a Peak
<a href='http://<object width="640" height="385"><param name="movie" value="http://www.youtube.com/v/f4i_mN_AWvU&hl=en_US&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/f4i_mN_AWvU&hl=en_US&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="640" height="385"></embed></object>' >Video</a> -
Oil becomes a weapon
OPEC oil ministers agree to use oil as a weapon to influence the West's support of Israel in the Yom Kippur war. They recommend an embargo against non-complying states and mandate a cut in exports. -
Embargo Ends
Arab oil ministers, with the exception of Libya, announce the end of the embargo against the United States. -
Oil Crisis Begins
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 "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. -
2nd oil crisis begins
strike by 37,000 workers at Iran's nationalized oil refineries initially reduced production from 6 million barrels per day to about 1.5 million barrels -
Containment Strategies Fail
