International records / Foreign Relations of the United States

142. Editorial Note

onalization was a worst-case scenario as it would “completely undermine the domestic position of the Shah and conservative Arab governments and result in their overthrow. Europe and Japan would become entirely dependent on production from Venezuela, Nigeria and Indonesia. Under these circumstances, we have to assume that all Venezuelan oil would not be available to North America. Pressures to supply our allies would be irresistible. The cutoff of overseas oil to North America could then be almost total.” Should the Saudi Government fall, or should another Arab-Israeli war break out, or should …