and United Arab Emirates announce a slight reduction in posted prices and tax rates. December U.S. Crude Oil Entitlements Program enacted, retroactive to November 1974. December 22: Iraq announces plans to increase its production capacity to by 1975 and to by 1981. 1975 January 1: U.S. Federal oil depletion allowance eliminated for large producers. January 13: Business Week publishes Kissinger interview hinting at military action against oil countries in case of "actual strangulation." April 7–15: Preliminary meeting in Paris on world economic crisis between oil-exporting (Algeria, Saudi Arabia, Iran, Venezuela), oil-importing (European countries, U.S., Japan), and non-oil Third World countries (India, Brazil, Zaire). Talks collapse after nations fail to decide whether agenda should focus on oil/energy issues or have a broader economic scope. April 9: Twenty-four OECD members sign an agreement to establish a $25 billion lending facility to provide assistance to industrial nations hurt by high oil prices. June 13: World Bank establishes its "Third Window", a fund to make loans to countries too rich to qualify for "soft" no-interest loans, but too distressed to afford loans at the prevailing normal lending rates. Action represents significant cooperation between oil-exporting and industrial nations. September 24: OPEC announces a 15 percent increase in government per barrel revenues as of October 1. October 28: Venezuela and foreign oil companies agree on nationalization as of January 1, 1976. December 1: Kuwait and Gulf and BP agree on terms of nationalization. December 9: Iraq completes nationalization by taking over the BP, CFP, and Shell shares of the Basrah Petroleum Company. December 22: U.S. President Gerald Ford signs the Energy Policy and Conservation Act (EPCA) effective February 1976. Authorizes the establishment of the Strategic Petroleum Reserve (SPR), participation in International Energy Program, and oil price regulation. 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 $3 oil tanker Argo Merchant runs aground on the Nantucket Shoals, spilling 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. 1977