Friday, May 20, 2011

Chapter 30 Outline

Here's a bare-bones outline of chapter 31 from Yergin:

The embargo signalled the beginning of the politicization of oil.

14% of world oil supplies were taken off the market; US furious.

Gas lines appeared in the US and lack of oil frightened the American people.

Nixon talked a good talk about solving America's oil problems, but failed to.

Large oil companies found themselves far more deeply involved in politics than they expected.

The Shah was merciless in his attitude toward the developed world.

The new troubles with oil prices led to a rash of bilateral deals, which politicized oil prices even more and lead to friction between the US and its allies.

The Arab world finally caved and lifted the embargo, partially with help from Saudi Arabia's king Faisal and Anwar Sadat, but it was too late for Nixon, who was on the road to resignation by this point.

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