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Intel - History
Oil Shocks 1973-74

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Saudi King Faisal
Saudis Hurt By Oil Shocks....Feared US Invasion of Saudi Arabia
  • SAUDIS HURT BY OIL SHOCKS...SAUDIS HAD FEARED US MIGHT SEIZE SAUDI OIL FIELDS As oil prices dropped, they (the Saudis - ed) they found it more and more difficult to service the massive international debts they had undertaken to buy social peace...The US had no interest in seizing Saudi oil fields - the Saudi were hostages. [source: Secret War, George Friedman, need page number]
  • Having damaged the United States with their 1973 oil embargoes, the Saudis now realized that a weakened United States could leave them at the mercy of forces that would annihilate the House of Saud. They badly needed an American revival, quite as much as the Americans needed one. [source: America's Secret War, p. 11]


1973 Yom Kippur War
1973 Yom Kippur War 
(October 6 - October 26, 1973)
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C-141 Transport Planes Delivered 
Weaponry to Israel
US Announces Operation Nickel Grass, Supplying Weapons to Israel (October 12 - November 14, 1973)
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OPEC Announces 25% Output Cut, Threatens Additional 5% Cut (November 5, 1973)
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Flags indicating gas availability
OPEC Pledges Additional 5% Output Cut for 1974 (December 9, 1973)
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Gas pumps adorned in grafiti
OPEC Cancels January 5% Output Cut (December 25, 1973)
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Oil minister Ahmed Zaki Yamani
Saudi oil minister Ahmed Zaki Yamani promises a ten percent OPEC production rise (December 25, 1973)
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OPEC decides to freeze prices until April 1 (January 7-9, 1974)
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Sir Henry Kissinger
Kissinger Announces Project Independence to Make US Energy Independent (February 11, 1974)
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