The actions taken by the Organization of the Petroleum Exporting Countries (OPEC) were in response to American support for Israel during the Arab-Israeli war that year. The embargo was intended as a financial blow, and it was certainly a heavy blow to the United States, which was highly dependent on supplies of now-expensive foreign oil. The weakness of the dollar with the exacerbation of inflation, according to the US State Department Historian’s office He considered “a decision to allow the US dollar to float freely on the international stock exchange.”
As a result, then-President Richard Nixon’s administration set out to broker a deal. It resulted from the first disengagement agreement between Egypt and Israel in January 1974, and the crisis ended after three months, but it would have a profound long-term impact. The Strategic Petroleum Reserve, which has an area of about 714 million barrels, was introduced for one reason.
For Cadillac, the fallout from the crisis presented a unique opportunity: a chance to develop a luxury car better suited to this new world of more anemic petroleum supplies, one that wasn’t too big or a fuel predator.
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