Oil Flashcards
1
Q
Historiography 1967
A
- Laquer argues that 1967 embargo was ineffective
- Daudoi and Dajani argue that 1967 oil embargo laid groundwork for 1973
2
Q
Historiography 1973
A
- Roy Licklieder argues that oil embargo was a failure because western countries did not change policy towards Arab-Israeli conflict
- Daniel Yergin argues that embargo remade the international economy
3
Q
1967 oil embargo objectives
A
- deter western nations giving military support to Israel
- gesture of solidarity to Arab states
4
Q
Oil nationalising
A
- Iraq 1972
- Libya 1970
- Saudi arabia 1980
- Iran 1951
5
Q
1973 oil embargo
A
- demanded implementation of UN resolution 242
- Oil price quadrupuled by 1974 from $3 to $12 a barrell
6
Q
1967 laying groundwork for 1973
A
- Libya lost $1.5mil a day and still continued the embargo
- OAPEC formed in 1968
7
Q
1973 oil embargo impact on western countries
A
- Western countries unable to increase own oil supplies like in 1967
- 1973-4 stock market
