The Oil Kings How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East

Andrew Scott Cooper, Rob Shapiro

eAudio - 2011

The news-making story of the backroom deals behind America’s decision to switch allegiance from Iran to Saudi Arabia as the dominant oil supplier in the Middle East—and how this action helped to create the conditions for the Islamic revolution in Iran. Pivotal moment in U.S. history: In the wake of the 1973 Arab-Israeli conflict, Arab countries discovered the power of oil. Skyrocketing prices and fuel shortages rocked the U.S. economy, driving up inflation and sinking the stock market. President Nixon was preoccupied with Watergate so Henry Kissinger stepped into the breach, cutting deals with the Shah of Iran: the U.S. got oil; the Shah got advanced weapons. But as Nixon’s successor, Gerald Ford, struggled with stagflation, the price... of oil became critical. The Shah refused to hold down prices. Desperate to win election and listening more to Treasury Secretary William Simon than to Kissinger, President Ford cut a deal with Saudi Arabia: advanced... more