The 70s represented the peak of oil production in the United States. At that time, the American dollar was the most powerful currency in the world. For instance, a barrel of oil was based off the value of the American dollar.
October 6 marked the beginning of a war in the Middle East, which witnessed Syria and Egypt attack Israel. Nixon refused to allow the nation to collapse under the pressure of Syria and Egypt. Then, he delivered economic and military aid to Israel.