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Between 19 US imports of crude oil had nearly doubled, reaching 6.2 million barrels per day in 1973. In 1973, Nixon announced the end of the quota system. Nixon imposed a price ceiling on oil in 1971 as demand for oil was increasing and production was declining, which increased dependence on foreign oil imports as consumption was bolstered by low prices. Shultz's committee recommended that the quotas be abolished and replaced with tariffs but Nixon decided to keep the quotas due to vigorous political opposition. When Richard Nixon became president in 1969, he assigned George Shultz to head a committee to review the Eisenhower-era quota program. Some scholars believe the policy contributed to the decline of domestic US oil production in the early 1970s. Critics called it the 'drain America first' policy. Eisenhower imposed quotas on foreign oil that would stay in place between 19. In 1973, US production had declined to 16% of global output. Because of transportation costs and tariffs, it never purchased much oil from the Middle East. was importing 350 million barrels (56 million cubic metres) per year by the late 1950s, mostly from Venezuela and Canada. American production declineīy 1969, American domestic output of oil was peaking and could not keep pace with increasing demand from vehicles. The embargo only lasted until January 1974, but the price of oil remained high even after the embargo was lifted. OAPEC countries cut production of oil and placed an embargo on oil exports to the United States when Richard Nixon requested $2.2 billion to support Israel in the Yom Kippur War on October 19, 1973.

The canal was cleared in 1974 and opened in 1975 after the Yom Kippur War in 1973 when Egypt tried to take back the occupied land of the Sinai Peninula.

In 1967 the Six-Day War broke out, this was the invasion of the Sinai Peninsula in Egypt all the way to the Suez Canal by Israel, and the Suez Canal was closed for eight years by Egypt during the occupation. The invasion's goal was regime change of Gamal Abdel Nasser who was aligning with the Soviet Union, this closed down the Suez canal for several months in 1956-1957. This was in response to Israels southern port Eilat being blockaded by Egypt and Egypt nationalized the Suez Canal from mainly French and British investors. 4.8 Conservation and reduction in demandĮver since the recreation of the State of Israel in 1948 there has been Arab–Israeli conflict in the Middle East.There was a list of wars involving Israel and Arab States including the Suez Crisis also known as the Second Arab–Israeli war (1956).

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