Yes, that was before the first Oil (price) crisis began forty years ago on 17 October 1973. The Middle Eastern oil suppliers worked out that they could use oil as leverage on the US by cutting supply when it was supporting Israel as well as getting a better price . Today OPEC has its own oil crisis in a way as many previous oil consuming countries have other forms of energy or like the US and Russia are almost independent of the Middle East.
Bob




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