The Oil Crisis

Nonfiction, History, World History
Cover of the book The Oil Crisis by Fiona Venn, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Fiona Venn ISBN: 9781317883999
Publisher: Taylor and Francis Publication: July 1, 2016
Imprint: Routledge Language: English
Author: Fiona Venn
ISBN: 9781317883999
Publisher: Taylor and Francis
Publication: July 1, 2016
Imprint: Routledge
Language: English

In October 1973 two crises – one economic, one political – intersected, with dramatic and long term consequences for international relations. On 6 October, Egypt and Syria launched an attack on Israel, and within a few days the major Arab oil producers announced their support by use of the ‘oil weapon’, including a boycott of supplies for countries friendly to Israel and a programme of production cuts. This was followed by the unilateral declaration of a steep increase in the price of oil by the Organization of Petroleum Exporting Countries (OPEC). The result was international panic and world recession. Crude oil prices soared by a massive fourfold in just three months. The West's vulnerability had been exposed: it was being held hostage to oil. Yet, despite efforts to address this dependence on oil imports in following years, the 1979 Iranian Revolution triggered a further upward surge in prices. Today, the importance of oil remains at the forefront of the West's foreign policy calculations in the Middle East. In this fascinating and timely new look at the oil crisis, Fiona Venn examines these issues and the more unexpected effects of the crisis. She asks just how much really changed in the economic balance of power. Most importantly she argues that OPEC was used as a scapegoat for the world recession, which had been already underway when the crisis detonated.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In October 1973 two crises – one economic, one political – intersected, with dramatic and long term consequences for international relations. On 6 October, Egypt and Syria launched an attack on Israel, and within a few days the major Arab oil producers announced their support by use of the ‘oil weapon’, including a boycott of supplies for countries friendly to Israel and a programme of production cuts. This was followed by the unilateral declaration of a steep increase in the price of oil by the Organization of Petroleum Exporting Countries (OPEC). The result was international panic and world recession. Crude oil prices soared by a massive fourfold in just three months. The West's vulnerability had been exposed: it was being held hostage to oil. Yet, despite efforts to address this dependence on oil imports in following years, the 1979 Iranian Revolution triggered a further upward surge in prices. Today, the importance of oil remains at the forefront of the West's foreign policy calculations in the Middle East. In this fascinating and timely new look at the oil crisis, Fiona Venn examines these issues and the more unexpected effects of the crisis. She asks just how much really changed in the economic balance of power. Most importantly she argues that OPEC was used as a scapegoat for the world recession, which had been already underway when the crisis detonated.

More books from Taylor and Francis

Cover of the book Post-Communist and Post-Soviet Parliaments by Fiona Venn
Cover of the book Racial Cities by Fiona Venn
Cover of the book Understanding Boko Haram by Fiona Venn
Cover of the book Foundations of Distance Education by Fiona Venn
Cover of the book Talking to the Audience by Fiona Venn
Cover of the book Figurative Language Comprehension by Fiona Venn
Cover of the book Sustainable Development in Rural China by Fiona Venn
Cover of the book Routledge International Handbook of Sustainable Development by Fiona Venn
Cover of the book Scientific Practices in European History, 1200-1800 by Fiona Venn
Cover of the book Architecture Design Notebook by Fiona Venn
Cover of the book John Owen and the Civil War Apocalypse by Fiona Venn
Cover of the book Baroque Music by Fiona Venn
Cover of the book Principles of behavioural analysis by Fiona Venn
Cover of the book Piaget Today (Psychology Revivals) by Fiona Venn
Cover of the book The Routledge Intermediate Dutch Reader by Fiona Venn
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy