The problem that producer countries lack participation in the profits still remains and even increases when the forays of the Russians must be countered by undercutting their prices. Less rather than more remains for the producers. Venezuela remains for a long time the only state that has up to 50 percent share in profits.
In 1960, the Organization of Petrol Exporting Countries is founded. The efforts of Venezuela and the Saudi Arabian oil minister seem to be successful. Actually, this foundation is even in the interest of the oil companies, obviously one expects higher revenues from this alliance.
Yet the organisation initially does not have a striking impact. The oil minister is not representative of the government in Saudi Arabia. The government wants to keep the cheap prices for oil, which secure a kind of economic miracle for the West, and for themselves - stability and consolidation of their rule. Perhaps this situation would continue until a next clearly visible shortage of crude oil if not for the Yom Kippur War that broke out in autumn of 1973.
The name stands for the most important Jewish holiday. This year, Egypt and Syria figured, they would successfully attack Israel on that day and finally defeat it definitively in the fourth war. U.S. takes Israel's side in this plan. After two weeks of the war, the situation is quite the opposite. The Israeli army is in areas of the attackers and has even cut off the Egyptian army on the other side of the Suez Canal.
No, for the Israeli army, this war was not a success either, because it had to be paid for with heavy losses. Also, the threat posed by the Arab neighbours was brought to the attention of the Israeli population again more clearly. Amazingly, the Arab side, after initial dismay and despite the failed attacks, gained more self-confidence. Already in 1968, their oil producing countries have founded the OAPEC, the only Arab subgroup of OPEC, which now gains more importance.
The OAPEC has a great influence on the embargo that will come into force even before the ceasefire. The embargo means a halt in supplies of oil to the West. The West is clearly alarmed. In Germany, for example, fuel is rationed by driving bans on Sunday. On highways, there are big groups of people arranging picnics. Cyclists have free rein. Prices are rising significantly.
The first oil crisis in the United States in 1971 had not really been taken seriously. Here, the less available petroleum led to long queues at petrol stations, closed schools and factories. Nobody could figure out what was the immediate cause of this situation. In any case, in Europe one should have been alarmed actually already two years earlier.
But in 1974, the consequences are dramatic. Alas, one car factory has just planned to release a fuel-consuming luxury car. BMW was about to bring the first 2002 Turbo on the market. One must endure scorn and ridicule because of such a marketing failure. Nevertheless, Germany has certain statutory reserves, which are completely absent in the United States, a nightmare for a country with a particularly pronounced need for safety. 08/12