The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC, plus Egypt, Syria and Tunisia) proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the U.S. actions seen as initiating the oil embargo and the long term possibility of high oil prices, disrupted supply and recession, a strong rift was created within NATO. Additionally, some European nations and Japan sought to disassociate themselves from the U.S. Middle East policy. Arab oil producers had also linked the end of the embargo with successful U.S. efforts to create peace in the Middle East, which complicated the situation. To address these developments, the Nixon Administration began parallel negotiations with both Arab oil producers to end the embargo, and with Egypt, Syria, and Israel to arrange an Israeli pull back from the Sinai and the Golan Heights after the fighting stopped. By January 18, 1974, Secretary of State Henry Kissinger had negotiated an Israeli troop withdrawal from parts of the Sinai. The promise of a negotiated settlement between Israel and Syria was sufficient to convince Arab oil producers to lift the embargo in March 1974. By May, Israel agreed to withdraw from some parts of the Golan Heights.

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Daniel Howard Yergin (born February 6, 1947) is a Pulitzer Prize winning American author, speaker, and economic researcher. Yergin is the co-founder and chairman of Cambridge Energy Research Associates, an energy research consultancy that is now part of IHS Inc.. He is best known as author of The Prize: The Epic Quest for Oil, Money, and Power; and The Quest: Energy, Security, and the Remaking of the Modern World.

Born in Los Angeles, California to a Chicago Tribune reporter father and a mother who was a sculptor and painter, Yergin attended Beverly Hills High School. He received his B.A. from Yale University in 1968, where he served on the board of the Yale Daily News, and was a founder of The New Journal. He earned his Ph.D. in International Relations (1974) from Cambridge University where he was a Marshall Scholar. He also holds honorary doctoral degrees from Colorado School of Mines, University of Houston, and the University of Missouri.

From 1977 through 1980, he was a Lecturer at the Harvard Business School and, until 1983, a Lecturer at Harvard’s Kennedy School of Government. He founded Cambridge Energy Research Associates(CERA) in 1982 with the purchase of a $7.00 file cabinet from Goodwill. In 2004, CERA was acquired by the information company IHS Inc. In addition to being chairman of IHS CERA, he is also executive vice president of IHS.