Oil as a political weapon
When the oil weapon was first unsheathed in 1973, it had a dramatic and lasting effect on the world economy and Western states. As a weapon of economic embargo, no one can deny its success, quadrupling the price of the world’s major commodity in the space of a few days. However, its political effectiveness is less than clear-cut. United States tends not to be susceptible to quick changes in policy through economic cajoling. Most of the Arab demands in 1973 with regards to the Palestinians and Israel remained unfulfilled, although an amicable cease-fire was brokered by the United States. Today in the Middle East it is widely accepted that, - “Economics...has taken priority over politics, co-operation has replaced confrontation”. The Middle East is not in the position it was in 1973 with regards to oil exports, and with natural gas and new oil finds outside the Middle East coming into play it does not have the kind of monopoly on energy that it once had. However it would be foolish to write off the oil ‘weapon’, even if conventional wisdom tells us that it will not be used again. It is worth remembering that firstly
Some topics in this essay:
Middle East, , Saudi Arabia’s, Gulf Crisis, Arabia Arab, Security Volume, Palestinians Israel, middle east, World War, East Report, Licklider Roy, oil weapon, middle east north, conventional wisdom, 1973 regards, east north, 1992 “oil, arab oil, oil prices, arab economies, world economy, arab oil weapon,
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Approximate Word count = 761
Approximate Pages = 3 (250 words per page double spaced)
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