According to reports, the reason for the 1970’s oil crises which resulted in petrol rationing, and ultimately war, began with the 1973 Arab oil embargo during the yom Kippur war and a decision to raise oil prices. Prices were said to have risen excessively, which was followed by a second crisis in 1979. A reported loss of oil production in the persian gulf, estimated at 4.8 million barrels per day following the Iranian revolution.
Energy has become an issue in the foreign policy of the uk, u.s. and elsewhere. According to reports the uk were experiencing an energy crisis during the years 1973-75, said to have been brought on by the 1973 yom kippur war, fought in the Sinai with Egypt, the Golan with Syria and in Israel. The Egyptian Sinai was an area of dispute between Egypt and Israel for a time. Reportedly the cause of the war was an egyptian blockade of Israeli ships’ access to the Sinai canal. Jordan sided with Egypt, said to be to prevent Israel from making territorial advances. A ceasefire was agreed in June. Israel’s successes were winning back the Gaza strip from Egypt, east Jerusalem and Samaria, renamed the west bank from Jordan; and the Golan heights. According to biblical documents, the Golan heights weren’t originally a part of Israel. They have been a subject of contention between Israel and Syria for millennia.
Embargoes were reportedly applied eleven days into the war due to perceived support for Israel. Initially to the u.s. and the Netherlands, quickly expanding to the uk, western europe and Japan. Oil prices were said to have risen from US$3 before the war to US$15 in November 1974. Was accompanied in the uk by a major dispute with coal miners, and power outages due to an electricity workers dispute, leading to a state of emergency and a three day working week for industry.
The second crisis following the Iranian revolution was thought to be due to western influences. Resulted in oil prices going from US$13 per barrel in 1979 to US$34 in mid 1980. Reportedly, affected companies were British petroleum (BP), Chevron (Texaco) and Shell (Royal dutch shell). The Iranian revolution was the overthrowing of the Shah of Iran and the Pahlavi dynasty and the establishment of an islamic republic under Ayatollah Khomeini. Possibly supported by leftist and student organisations. Lead to a migration of the privileged