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1973年，第四次中东战争爆发引发了第一次石油危机。石油输出国组织欧佩克（OPEC）为了打击对手以色列及支持以色列的国家，宣布石油禁运暂停出口。世界性经济危机由此引发，油价开始暴涨。苏联则恰好因为60年代在西伯利亚发现大油田而石油产量持续攀升，从年产量不到2亿吨上升到6亿吨。
暴涨的油价让石油收入水涨船高，之前苏联头疼的外汇储备和粮食问题居然轻而易举地解决了。石油产量和出口量的快速增长给苏联带来了源源不断的美元外汇。从某种意义上说，是西伯利亚优质油田石油大量产出造就了勃列日涅夫时代的繁荣。
除了进口粮食，苏联也开始大量进口设备，很多国内有能力生产的设备也开始进口，反正外汇很多。因为石油收入暴涨，20世纪70年代初制定的发展科技、生产民用产品、提升工业竞争力出口创汇的经济改革计划也就此搁置。当时的苏联还利用这笔石油收入到处支援第三世界国家，扩张自己的势力范围。
撒切尔夫人曾经描绘了当时苏联如日中天的景象：“借助计划政策，加上独特的精神与物质刺激手段相结合，苏联的经济发展指标很高。其国民生产总值增长率过去比我们高出一倍。如果再考虑到苏联丰厚的自然资源，如果合理地发展下去，那么苏联完全有可能将我们挤出世界市场。因此，我们一直采取行动，旨在削弱苏联经济，凸显其内部问题。”
英美削弱苏联经济的努力并没有成功。石油价格持续10年维持高位造就了苏联经济的持续繁荣，赶英超美的速度日益加快。1975年，苏联的工业总产值上升至美国的80%，军事上已经全面超越美国。比如战略导弹苏联这一年有2402枚，超过美国40%，战略核力量的开支是美国的3倍。苏联军队的扩张速度也很快。1978年，美军有210万人，苏军则有440万人；美陆军拥有坦克1.05万辆，苏军则拥有5万辆。
在石油价格高涨带来的巨额收入支撑下，这一阶段的美苏争霸中，苏联一直保持进攻状态，四面开花。靠近苏联的欧洲是争霸的重点区域，美苏都集结了重兵。
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