This is an account of an era we thought we knew: how the US decision in the mid-1970s to choose Saudi Arabia as the dominant oil power in the Mideast ultimately led to the Islamic revolution in Iran, and how oil came to dominate U.S. domestic and international affairs. The author draws on newly declassified documents and interviews with some key figures of the time to show how Nixon, Ford, Kissinger, the CIA, and the State and Treasury departments, as well as the Shah of Iran and the Saudi royal family, maneuvered to control events in the Middle East. He details the secret U.S.-Saudi plan to circumvent OPEC that destabilized the Shah; reveals how close the U.S. came to sending troops into the Persian Gulf to break the Arab oil embargo; and shows how the Ford Administration barely averted a European debt crisis that could have triggered a financial catastrophe in the U.S.
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