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  1.         Aug 27-28, The US oil business was born in Titusville, Pa. Former army officer Colonel Edwin L. Drake drilled the first oil well in Titusville, Pa., striking oil at 70 feet and setting off a wild scramble for wealth similar to the California gold rush of 1849. The land belonged to the Pennsylvania Rock Oil Company. Until that time, the company had simply collected oil that seeped out of the ground. Drake's plan was to produce it in large quantities for use in heating and illumination. Overnight oil fields sprang up in Pennsylvania but competition, disorganization and oversupply kept oil prices low. It was not until John D. Rockefeller and the Standard Oil Company came onto the scene in 1870 that the petroleum industry developed into a vastly profitable, although much hated, monopoly.    (HFA, '96, p.36)(AP, 8/27/97)(HNPD, 10/4/98)(WSJ, 10/4/96, p.A9)(HNQ, 2//99) I

  2.        Organic chemist Benjamin Stillman laid the foundations for the Pennsylvania oil rush by his discovery that petroleum could be distilled into lubricants and kerosene for cooking and illumination. Suddenly there was a use for the crude oil that seeped to the surface, annoying farmers by ruining the land and polluting the water supply.    (HNPD, 10/4/98)G

  3.       May, Saudi Arabia gave Standard Oil of California exclusive rights to explore for oil. Socal formed the California Arabian Standard Oil Co. to drill for oil in Saudi Arabia.    (www.chevron.com)(SFC, 10/20/04, p.C6)H

  4.        Mar 15, Persia nationalized the Anglo-Iranian Oil Company.    (MC, 3/15/02)      Jun 24, Persian army took over nationalized oil installations.    (MC, 6/24/02)      Sep 27, Persian troops occupied oil refinery at Abadan.    (MC, 9/27/01)       There was a struggle to nationalize Iranian oil.    (SFEC, 4/13/97, BR p.4)F

  5.        Mar, The US CIA’s Tehran station reported that an Iranian general had approached the US embassy for support in an army-led coup. Based on this information Allen Dulles, director of the CIA, approved $1 million to be used to help bring about the fall of Prime Minister Mossadegh. Pres. Eisenhower gave the CIA the ok to overthrow the elected government of PM Mohammad Mossadegh. Mossadegh had nationalized the Anglo-Iranian Oil Co. after Britain refused to compromise and split profits 50-50. In 2003 Stephen Kinzer authored "All the Shah's Men: An American Coup and the Roots of the Middle East Terror."    (SFEC, 4/16/00, p.A18)(SSFC, 8/24/03, p.M6)D

  6. Sep 14, Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC. Fuad Rouhani (1907-2004) of Iran served as its 1st secretary-general. In 1964 he was succeeded by Abdul Rahman Bazzaz of Iraq.    (HN, 9/14/98)(WSJ, 7/28/03, p.A8)J

  7. Henry Kissinger:To understand our policy in 1973, you have to go back to 1969. When the Nixon Administration came into office, we found Russia the main arms supplier of the Arabs (or at least to the Arabs in confrontation with Israel), a supporter of the radical Arab peace program, and asking us to collaborate with them in imposing this -- for which we had no incentive, because why should we do this in conjunction with them? We established the policy that we would thwart any move backed by Soviet arms, until some Arab leader would become so frustrated that he would turn to us for diplomacy, and then we would try to take as even-handed a position as we were capable of developing.B

  8.       Nov 9, A major power failure hit the East Coast of the US. New York City experienced a major blackout just after 5:30 PM. In the great Northeast blackout several US states and parts of Canada were hit by a series of power failures lasting up to 13 1/2 hours. Nine Northeastern states and parts of Canada went dark in the worst power failure in history, when a switch at a station near Niagara Falls failed.    (HFA, '96,p.42)(SFE,10/1/95, Z1, p.10)(AP, 11/9/97)(HN, 11/9/98)E

  9.        Mar 6, President Richard Nixon imposed price controls on oil and gas.     (WSJ, 11/4/96, p.C1)(HN, 3/6/98)        Oct 17, Arab oil-producing nations announced they would begin cutting back on oil exports to Western nations and Japan; the result was a total embargo that lasted until March 1974 and caused oil prices to quadruple.    (WSJ, 11/4/96, p.C1)(AP, 10/17/97)(WSJ, 7/28/03, p.A8)      Oct 20, Arab oil-producing nations banned oil exports to the United States, following the outbreak of Arab-Israeli war.     (HN, 10/20/98)C

  10. Anwar Sadat threatened war unless the United States forced Israel to accept his interpretation of Resolution 242-total Israeli withdrawal from territories taken in 1967. On October 6— Yom Kippur, the holiest day in the Jewish calendar — Egypt and Syria opened a coordinated surprise attack against Israel.A

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