Globalizing Oil, Unleashing Capital: An International History of the 1970s Energy Crisis

Date: 

Thursday, October 14, 2021, 12:15pm to 2:00pm

Location: 

Zoom

As part of the HKS Belfer Center's International Security Brown Bag Seminar series, Marino Auffant, Ernest May Fellow in History & Policy, International Security Program, will present on the lingering effects of the energy crisis of the 1970s.

As part of the International Security Brown Bag Seminar series, Marino Auffant, Ernest May Fellow in History & Policy, International Security Program, will present on the lingering effects of the energy crisis of the 1970s. 

How did the 1970s Energy Crisis reorder the world? Until 1973, successive US administrations had relied on Venezuela and Canada as the country's main energy partners and had actively restricted oil imports from the Middle East. However, with the promise of Saudi petrodollars inflows, the United States ended these longstanding partnerships and tied its economic fate to that of the Persian Gulf. This shift had long-lasting consequences: Not only did the United States make itself vulnerable to the Arab oil embargo, but this First Oil Shock gave rise to the world's current monetary architecture, entangled the United States geopolitically in the Persian Gulf, and destabilized the Middle East by spawning the Iranian and Iraqi nuclear programs.

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Contact: susan_lynch@harvard.edu