1976 world oil market chronology

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Official price of Saudi Light remains at $12.37 per barrel throughout 1976.

• February: EPCA 3-tier price regulation begins. Small changes in Entitlements Program.
• April - May: Lebanese civil war causes a drop in Iraq exports through trans-Lebanon pipelines to the Mediterranean.
• May: OPEC issues press release vowing to "take appropriate measures" to protect OPEC interests in light of protectionist actions by certain countries.
• September 1: U.S. stripper well oil prices decontrolled.
• December 14: 640 foot oil tanker Argo Merchant runs aground on the Nantucket Shoals, spilling 7.6 million gallons of No. 6 fuel oil.
• December: Moderates and OPEC "hawks" disagree on how fast oil prices should rise. Saudi Arabia and United Arab Emirates increase prices by 5 percent, others by 10 percent.

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