What caused Faisal to change his mind about using the oil weapon? Middle Eastern oil, not American, had become the supply of last resort. Saudi Ar...
What caused Faisal to change his mind about using the oil weapon?
Middle Eastern oil, not American, had become the supply of last resort.
Saudi Arabia had become the marginal supplier for everybody, including the United States.
American dependence on the Gulf had come not by the widely predicted 1985, but by 1973.
Saudi Arabia had graduated to the position once held by Texas; the desert kingdom was now the swing producer for the entire world.
The supply-demand balance was working to make Saudi Arabia even more powerful.
There was a growing view within Saudi Arabia that it was now earning revenues in excess of what it could spend.
Middle Eastern oil, not American, had become the supply of last resort.
Saudi Arabia had become the marginal supplier for everybody, including the United States.
American dependence on the Gulf had come not by the widely predicted 1985, but by 1973.
Saudi Arabia had graduated to the position once held by Texas; the desert kingdom was now the swing producer for the entire world.
The supply-demand balance was working to make Saudi Arabia even more powerful.
There was a growing view within Saudi Arabia that it was now earning revenues in excess of what it could spend.
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Ed 
Faisal changed his mind about using the oil weapon because Middle Eastern oil, particularly from Saudi Arabia, had become the supply of last resort. Saudi Arabia had become the marginal supplier for everyone, including the United States. American dependence on Gulf oil had already occurred by 1973, earlier than predicted. Saudi Arabia had taken on the role previously held by Texas as the swing producer for the world. The supply-demand balance was making Saudi Arabia even more powerful. Additionally, there was a growing realization within Saudi Arabia that they were earning more revenue than they could spend.
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