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ARAB-EUROPEAN RELATIONS - Jan. 1 - UK Spy Chiefs Feared US Invasion Of Saudi In 1973.


Files released to the British National Archives National Archives, official depository for records of the U.S. federal government, established in 1934 by an act of Congress. Although displeasure concerning the method of keeping national records was voiced in Congress as early as 1810, the United States continued  under the 30-year rule for classified documents show the UK intelligence agencies believed the US was ready to invade Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop.  and Kuwait to prevent further disruption to oil supplies as Arab states during the October 1973 Arab-Israeli (Yom Kippur) war decided to slash oil exports as a weapon against Israel's OECD OECD: see Organization for Economic Cooperation and Development.  allies. The Arab oil weapon, including a complete embargo on the Americans over their support for Israel, caused world oil prices to quaduple by end-1973. In Britain, PM Edward Heath's Conservative government, which adopted a more pro-Arab line, was forced to draw up plans for gasoline rationing after panic buying Panic Buying

High volume buying brought about by sharp price increases.

Notes:
The main problem with panic buying is that investors are not evaluating fundamentals. Instead, they are blindly buying before prices rise even more.
 led to shortages at filling stations. Although the Arab-Israeli war was over after 3 weeks, a secret assessment drawn up for UK government ministers by the Joint Intelligence Committee (JIC JIC Just In Case
JIC Joint Intelligence Committee
JIC Joint Information Center (US government)
JIC Jewelry Information Center
JIC Joint Intelligence Center
JIC Joint Industrial Council
JIC Justice Information Center
) - including the heads of MI5 and MI6 - concluded the US would rather risk military action than be held to ransom again by the Arabs. The report, dated Dec. 12, 1973 and marked "UK Eyes Alpha", described the seizure of the oil-producing areas in the region as "the possibility uppermost in American thinking".
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Publication:APS Diplomat Recorder
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 3, 2004
Words:191
Previous Article:ARAB AFFAIRS - Jan. 2 - Oil Exporters Head For Another Growth Year.
Next Article:ARAB-EUROPEAN RELATIONS - Jan. 1 - ICI Bought Israeli War Bonds In Secret.
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