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Globalizing Oil, Unleashing Capital: An International History of the 1970s Energy Crisis

Globalizing Oil, Unleashing Capital: An International History of the 1970s Energy Crisis

Date/Time
Date(s) - 10/14/2021
12:00 pm - 2:15 pm

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Free USD
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Website:
https://harvard.zoom.us/meeting/register/tJYud-2oqjgtGNQql4LL49mfK3w1KHzWmm1b
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Organization:
Belfer Center for Science and International Affairs


Speaker: Marino Auffant, Ernest May Fellow in History & Policy, International Security Program

How did the 1970s Energy Crisis reorder the world? Until 1973, successive U.S. administrations had relied on Venezuela and Canada as the country’s main energy partners and had actively restricted oil imports from the Middle East. However, with the promise of Saudi petrodollars inflows, the United States ended these longstanding partnerships and tied its economic fate to that of the Persian Gulf. This shift had long-lasting consequences: Not only did the United States make itself vulnerable to the Arab oil embargo, but this First Oil Shock gave rise to the world’s current monetary architecture, entangled the United States geopolitically in the Persian Gulf, and destabilized the Middle East by spawning the Iranian and Iraqi nuclear programs.

Image Caption: Oil Pump Jack Between Seminole and Andrews, West Texas, August 13, 2008.

 

Image Credit: Flickr CC/Paul Lowry

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