Courtesy Reuters

From 1947 to 1973 the shift of power is exponential. In 1947 the United States ceased to be a net exporter of oil; the basing point for oil prices moved from the Gulf of Mexico to the Persian Gulf, and with it the underlying leverage. Although the Organization of Petroleum Exporting Countries (OPEC) was formed in 1960, its membership was so disparate that at first it did little to exploit the shift. With prices low, U.S. dependence on imported energy grew to 14 percent of energy consumption in 1972. Europe's dependence on energy imports grew from 33 percent in 1960 to 65 percent in 1972; Japan's from 43 to 90 percent

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