1973 Oil Crisis event
also: global oil shock, oil embargo
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Related entities (most co-mentioned)
United States governmentorganization · 2Saudi Arabiacountry · 2U.S. State Departmentorganization · 1Petrodollar Systemevent · 1
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Mentions (2)
▶ 48:25
privilege status was noted in Washington's historic relationship with the Kingdom of Saudi Arabia, which enabled it to form the petrodollar system. Throughout the 70s and 80s, Saudi Arabia began overtaking the U.S. and the Soviet Union as t…
▶ 49:19
Riyadh lifted its oil embargo and purchased U.S. Treasury bonds in exchange for U.S.-supplied military equipment. More importantly for Washington, however, that was that from 1974 on, Saudi Arabia agreed to sell all oil in U.S. dollars. Due…