THE 1970S 1969 1979
FOREIGN POLICIES OF PRESIDENT NIXON
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Question
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The Oil Price Safeguard Act would help to moderate sharp spikes in oil and gas prices caused by price fixing and production quotas through the judicious use of our enormous petroleum reserves. The global oil market is dominated by an international cartel with the ability to dramatically affect the price of oil. The eleven member countries . . . supply over 40 percent of the world’s oil and possess 78 percent of the world’s total proven crude oil reserves. Their control of the world’s oil supply allows these countries to collude to drive up the price of oil.-Senator Susan Collins, speech on the Senate floor, November 17, 1999 In this excerpt, Senator Collins proposed legislation intended to address-
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Iraqi aggression against neighboringcountries
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the refusal of the Israeli government torecognize Palestine
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the collective economic power of OPECmember nations
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the formation of a military coalitionamong Arab states
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Explanation:
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