71. National Security Study Memorandum 1141
- The Secretary of State
- The Secretary of Treasury
- The Secretary of Defense
- The Secretary of Interior
- Chairman, Council of Economic Advisers
- Chairman, Office of Emergency Preparedness
- World Oil Situation
The President has directed the preparation of a paper on the world oil situation. It should first outline the major considerations involved including such questions as: its implications for NATO; for our role in attempting to settle the Arab-Israeli dispute; for our relations with Europe and Japan; and the domestic and international economic implications, including our own economy and balance of payments, the British balance of payments, the U.S.-European/Japanese competitive position, etc.
The paper should then outline the possible options relating to U.S. involvement vis-à-vis the consuming countries, the oil companies and the producing countries, analyzing the pros and cons of each. It should address such questions as: should we be prepared to ration oil domestically to contribute to an all-out effort to withstand the OPEC demands? Should we use our diplomatic leverage in an effort to support the positions of the companies? Should we seek to get the consuming countries to take the lead in withstanding OPEC?[Page 179]
The paper should be prepared by the Inter-Agency Oil Task Force on the subject already in existence under the chairmanship of the Department of State. The paper should be submitted to the Assistant to the President for National Security Affairs by January 19. A Senior Review Group meeting on the subject will be held on January 21.
- Source: National Archives, Nixon Presidential Materials, NSC Files, NSC Institutional Files (H-Files), Box H–180, National Security Study Memoranda, NSSM 114. Secret; Exdis.↩