Oil Crisis (Oil Price Revolution) of 1973 and the United States’ Response to the Crisis: The International Energy Agency

Abstract

This work was initially prepared as the Final Paper of the course “HIST 577- Seminar in U.S. Diplomatic and Military History” offered at Bilkent University and it was later revised. It analyses the reasons that caused the Oil Crisis of 1973 (or as it is called by some writers, the Oil Price Revolution) and how the United States responded to the crisis by pushing for cooperation among the oil consuming industrialized countries. In addition to a brief summary of the Yom Kippur War, during which the Oil Crisis occurred, the diplomacy that followed the war and the establishment of the International Energy Agency are included in this work. Mostly secondary sources are used but a few primary sources such as newspapers and magazines from the times when these events happened are also taken into account in the preparation of this work.