Abstract
This article reviews the story of oil price increases and their proximate causes during the years 1974-1979. The social and political consequences of rapid development in the OPEC countries during these years pushed these nations to reevaluate their development plans and hence their need for revenue. The influence of politics on the oil-price increases is discussed in relation to the two largest producers of oil - Saudi Arabia and Iran. In the latter part of this article, the focus shifts to the US and its record in reducing America's dependence on imported oil and in developing a coherent national energy program. Finally, the domestic conventional sources of energy that are the most obvious alternatives to imported oil are discussed: oil, gas, nuclear power and coal. The need to focus on renewable energy sources as well as on energy conservation in general is emphasized. (KRM)
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