Between Panic and Feelings of Empowerment: Emotional Reactions to the First Oil Crisis and the Debate About a New International Economic Order

Abstract

Abstract The 1973/74 oil crisis, comprising an Arab oil embargo targeting Western industrialized states and the quadrupling of global oil prices by OPEC, was followed by a major international debate on the establishment of a New International Economic Order in the years to come. This debate not only made it to the top of the international agenda given certain emotional reactions to and perceptions of the first oil crisis in different groups of countries: The successful oil revolution, as it was called by Arab elites, nurtured a sense of empowerment among OPEC representatives while it triggered fears among Western governments, making them more willing to listen to OPEC demands. At the same time, both oil and non-oil developing countries professed a strong feeling of solidarity allowing them to formulate a shared program of economic decolonization. It was exactly these emotional reactions to the oil crisis that enabled the conflict over the New International Economic Order to become such a prominent feature of the decade. Thus, the oil revolution was a game changer without which the North-South debate would have remained on the sidelines.