Synopsis
Water may be the essence of life, but oil is the essence of business. Oil has long been linked with power and wealth, and so the control of oil is of the utmost importance. The discovery of abundant oil supplies in the Persian Gulf sent many countries, including the US and former USSR, scrambling for their stake. It is this international struggle for the control of the Arab oil fields which forms the basis of this book. Beginning with the earliest successful oil concession in 1901 and following through to the 1970s, the author examines the issues and events leading up to the formation of OPEC, and the changes to the industry which followed. This work documents the economic and political issues which culminated in the Fuel Crisis of the mid-1970s, and continues to dominate world economics and politics today.
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