The Political Economy of World Energy: A Twentieth-Century Perspective

By John G. Clark | Go to book overview
Each MNOC protected its interests as best it could, viewing other firms as adversaries rather than as firms entangled in the same web. Acquiescence to each demand held out the hope that the final demand had been made. Western governments were, in Tugenhadt and Hamilton's view, unwilling to jeopardize supply by taking the side of the MNOCs. Consumer governments were incapable of substantially reducing demand for oil or of stockpiling oil against future contingencies.Finding the causes of MNOC--western vulnerability in the entry of newcomers in the international oil business, mandatory US import quotas, or, as with Levy, in the machinations of the Soviet Union is less rewarding than charting the consequences of the swollen energy demands of the industrialized states, the subject of the next chapter. It is also essential to understand producer government objectives.65 Nationalism and anti-Zionism combined with specific development objectives to motivate some producers to confront the MNOCs. Peru, Iran, and Indonesia were no less adversarial toward the domineering MNOCs than the Arab front line states. While often permitting expectations to overreach capabilities, the host nations correctly perceived increasing oil revenues as a prerequisite of autonomous economic growth. Individually and through OPEC, they won not only higher revenues but control over price and production--power.
Notes
1. D. S. Painter, Oil and the American Century. The Political Economy of US Foreign Oil Policy, 1941-1954, Baltimore: The Johns Hopkins University Press ( 1986), p. 52; for the text of the treaty, see O. Caroe, Wells of Power: The Oilfields of South-Western Asia, A Regional and Global Study, London: Macmillan ( 1951), pp. 222-7.
2. De Golyer and MacNaughton, Twentieth Century Petroleum Statistics, 1986, Dallas, Texas: De Golyer and MacNaughton ( 1986), pp. 6, 18, 60; Z. Mikdashi, A Financial Analysis of Middle Eastern Oil Concessions, 1901-1965, New York: Praeger ( 1966), pp. 321-2.
3. R. M. Burnell and A. J. Cottrell, Politics, Oil, and the Western Mediterranean, Beverly Hills, Calif.: Sage ( 1973), p. 72; M. S. Al-Otaiba, OPEC and the Petroleum Industry, London: Croom Helm ( 1975), pp. 97-9; H. Mendershausen , Coping with the Oil Crisis, Baltimore: The Johns Hopkins University Press for Resources for the Future ( 1976), pp. 28-9; F. A. Olaloku , Structure of the Nigerian Economy, London: Macmillan ( 1979), pp. 56-8; S. R. Pearson, Petroleum and the Nigerian Economy, Stanford, Calif.: Stanford University Press ( 1970), pp. 13-14.
4. Naphtha is the basic source for ethylene, butadiene, ammonia, and other chemical feedstocks; middle distillates include domestic and jet kerosene, gas oils, and diesel fuels.
5. M. I. Goldman, The Enigma of Soviet Petroleum: Half-Full or Half-Empty,

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The Political Economy of World Energy: A Twentieth-Century Perspective
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables xi
  • Maps xv
  • Abbreviations xvii
  • Preface xix
  • 1 - A Prospectus 1
  • Notes 8
  • 2 - Energy and the Maturation of Industrial Economies in the West, 1900-18 9
  • Notes 44
  • 3 - The Search for Energy During the Interwar Years 51
  • Notes 88
  • 4 - Energy Flows in a Politically Polarized World 95
  • Notes 138
  • 5 - The Owners of the World's Petroleum Resources 146
  • Notes 179
  • 6 - Cheap Energy, Security, and the Industrialized Nations, 1960-73 186
  • Notes 224
  • 7 - The West and the Energy Crisis of 1973-8 230
  • Notes 267
  • 8 - The Lesser Developed Countries and the Oil Boom of the 1970s 274
  • Notes 311
  • 9 - A Second Energy Crisis: the Iranian Revolution and Its Aftermath 319
  • Notes 358
  • 10 - Powering Energy Transitions and Transactions: a Summary and Conclusions 365
  • Notes 376
  • Index 378
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