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The article discusses economic and political context of the world energy crisis of 1973–1974. It presents the author’s view on causes and consequences of the crisis with special attention given to the divergence in standpoints on various issues preceding, resulting from and following the crisis between the USA and main European countries, including the former USSR. The following events are given extensive coverage in the article: „The Year of Euorpe”, Jom Kippur War, strategies with respect to the Middle East, Conference on Energy in Washington on 11–13 February 1973, and the failure of the Atlantic Declaration.
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