Oil, Turmoil, and Islam in the Middle East

Oil, Turmoil, and Islam in the Middle East

Oil, Turmoil, and Islam in the Middle East

Oil, Turmoil, and Islam in the Middle East

Synopsis

The turmoil and strife of the Middle East raises serious questions about the security of the world's oil supply. Oil, Turmoil, and Islam inthe Middle East is a hard-hitting indictment of OPEC and OAPEC, arguing that these organizations can no longer afford to impose indiscriminate price increases on the marketplace because they hurt not only themselves but oil poor Third World nations as well.

Excerpt

Oil produced in the Middle East is critical to the needs of the industrialized world. Oil is the key energy source fueling economic growth. This dependency on Middle East oil will intensify unless the United States and other industrialized nations commit a sizable expenditure over the next several decades to revamp our energyconsuming infrastructure or find alternative energy sources.

The current world demand for oil amounts to about 20 billion barrels annually. The United States alone consumes over one-fourth of this amount. The Middle East's capacity to supply a significant part of the world's oil is due to the area's unique geology, endowing it with a large concentration of giant and super-giant oil fields. The Middle East has about 60 percent of the world's oil reserves. The economic power inherent in this concentration of a vital resource creates a great deal of political power.

The Arab countries have about 333 billion barrels of oil in reserve, or about 52 percent of the world's total. Much has been written and said, correctly and incorrectly, about the influence of Arab oil on the Arab-Israeli conflict in particular and on world politics in general. The supposition that Arab oil power can and will influence the United States to accept Arab territorial demands and impose them on Israel is based largely on the assumption that the Arabs are in a position to wage economic warfare successfully on the United States and its allies. This assumption is derived from the efforts . . .

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