<P> The embargo occurred at a time of rising petroleum consumption by industrialized countries and coincided with a sharp increase in oil imports by the world's largest oil consumer, the United States . In the aftermath, targeted countries initiated a wide variety of policies to contain their future dependency . </P> <P> The 1973 "oil price shock", with the accompanying 1973--74 stock market crash, was regarded as the first discrete event since the Great Depression to have a persistent effect on the US economy . </P> <P> The embargo's success demonstrated Saudi Arabia's diplomatic and economic power . It was the largest oil exporter and a politically and religiously conservative kingdom . </P> <P> In 1970, US oil production started to decline, exacerbating the embargo's impact . Following this, Nixon named James E. Akins as US Ambassador to Saudi Arabia to audit US production capacity . The confidential results were alarming--no spare capacity was available and production could only decrease . </P>

Who quadrupled the price of oil in 1973