meta_pixel
Tapesearch Logo
Log in
Witness History

The 1973 Oil Crisis

Witness History

BBC

History, Personal Journals, Society & Culture

4.51.6K Ratings

🗓️ 16 October 2018

⏱️ 9 minutes

🧾️ Download transcript

Summary

In October 1973 Arab nations slashed oil production in protest at American support for Israel during it's war against Egypt and Syria. Oil prices sky rocketed. Alex Last heard from former deputy secretary general of OPEC, Dr Fadhil Chalabi, about the struggle for the control of oil in the early 1970s.

Photo: Cars queuing at a petrol station in London, during a petrol shortage, November 1973. (Credit: Aubrey Hart/Evening Standard/Getty Images)

Transcript

Click on a timestamp to play from that location

0:00.0

Choosing what to watch night after night the flicking through the endless

0:06.8

searching is a nightmare we want to help you on our brand new podcast off the

0:11.8

telly we share what we've been watching

0:14.0

Cladie Aide.

0:16.0

Load to games, loads of fun, loads of screaming.

0:19.0

Lovely. Off the telly with me Joanna Paige.

0:21.0

And me, Natalie Cassidy, so your evenings can be a little less searching

0:25.7

and a lot more watching. Listen on BBC Sounds.

0:29.7

Hello and welcome to the Witness Podcast from the BBC World Service with me Alex Last.

0:35.7

And today we hear an inside account of the oil crisis we shock the world in 1973.

0:45.0

I know that we are cheated.

0:48.0

All the oil producing countries know that they are cheated.

0:51.0

Otherwise you would not have had this

0:53.0

come in front. In the early 1970s the world witnessed a struggle for the

0:58.1

control of oil. The people from the Arab world are talking about tripling the price or keeping it all to themselves.

1:05.0

You know, it wouldn't really be in their long-term interest. I would guess they will come to see this.

1:10.0

The era of a very cheap source of energy is gun and this is a new era. Now don't expect

1:18.1

the producers to accept something much below than what the market forces will indicate for their oil.

1:25.0

For much of the 20th century, the global oil industry had been dominated by a cartel of seven major

1:34.9

Western oil companies known as the Seven Sisters who between them controlled some

1:40.1

85% of the world's oil reserves. They set the price and they kept it low.

1:47.0

But from the 1950s, oil-producing nations began to demand a greater say in fixing the price of their own oil, control of its production and a

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.