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Up till the late 'sixties, the sisters were worried about having too much oil, not too little. In May 1967 Michael Haider, then chairman of Exxon, answered a shareholder's question at the annual meeting in Houston with the words: 'I wish I could say I will be around when there is a shortage of crude oil outside the United States.'

http://journeytoforever.org/biofuel_library/sevensisters/7sisters11.html

The oil companies had often in the past exploited a political crisis to push up their prices; the American companies had done so seventeen years earlier,

http://journeytoforever.org/biofuel_library/sevensisters/7sisters12.html

Just as the shortage was worst, and the winter coldest, the oil companies began to announce record profits. The figures were staggering: Exxon announced that its profits for the third quarter of 1973 were up 80 percent on the previous year: Gulf was 91 percent up. Exxon's profits for the whole year turned out to be an all-time record for any corporation, anywhere, at any time: a total of $2,500 million. It was true, as the companies hastened to point out, that 1972 had been a bad year for profits. The huge improvement for 1973 was therefore partly due to the low base of the year before, and also to the devaluation of the dollar. But it also came from the far higher value of the companies' stocks, and the higher profit from crude oil, as the price had gone up. The profit figures spotlighted the embarrassing fact that the companies were now -- as Yamani had always intended -- 'married' to the producing countries, while they soon attracted, as we shall see, the interests of their marriage-partners

http://journeytoforever.org/biofuel_library/sevensisters/7sisters13.html