January 11: U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of product.
August 17: President Nixon's Cost of Living Council imposes two-tier price ceiling on crude petroleum sales: production of "old" oil (that produced at or below 1972 levels from existing wells) to be sold at March 1973 prices plus 35 cents; production of "new" oil (that produced above 1972 levels from existing wells and oil produced from new wells) to be sold at uncontrolled prices.
September 5: Conference of less developed countries approves forming "producers' associations," calls for withdrawal of Israeli forces from occupied Arab lands.
September 15: OPEC supports price hikes and designates six Persian Gulf countries to negotiate collectively with companies over prices. Other members to negotiate individually.
October 8: OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices. Negotiations fail.
October 16: Six Gulf countries (Iran, Iraq, Abu Dhabi, Kuwait, Saudi Arabia and Qatar) unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel and announce production cuts.
October 17: OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states.
October 19: President Nixon requests Congress to appropriate $2.2billion in emergency aid for Israel. Libya, Saudi Arabia and other Arab states proclaim an embargo on oil exports to the United States.
October 23: Arab oil embargo extended to the Netherlands.
November 5: Arab producers announce 25 percent cut in production below September levels. Further cuts of five percent are threatened.
November 18: Arab oil ministers cancel the scheduled 5 percent cut in production for EEC.
November 23: Arab summit conference adopts open and secret resolutions on the use of the oil weapon. Embargo extended to Portugal, Rhodesia, and South Africa.