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@ Download Ebook The Oil Crisis, by Fiona Venn

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The Oil Crisis, by Fiona Venn

The Oil Crisis, by Fiona Venn



The Oil Crisis, by Fiona Venn

Download Ebook The Oil Crisis, by Fiona Venn

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The Oil Crisis, by Fiona Venn

 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.   

  • Sales Rank: #1049580 in Books
  • Brand: Brand: Routledge
  • Published on: 2002-05-30
  • Released on: 2002-05-30
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.25" h x .50" w x 6.25" l, .0 pounds
  • Binding: Paperback
  • 224 pages
Features
  • Used Book in Good Condition

Review

'a thoughtful and balanced historical narrative based on extensive reading of the relevant literature.' The Journal of Energy Literature

' a useful introductory survey, which puts into perspective many of the exaggerated fears and hopes which found such ready expression in the heat of the oil crisis.'
James Bamberg , BP History Project, University of Cambridge, History

From the Back Cover

Oil is one of the biggest issues of the twenty first century. This highly topical book sets the scene, showing the impact today of the oil crisis on the Arab-Israeli conflict, American involvement in the Middle East, and in the oil rich states of the Persian Gulf.

On 6 October 1973 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. A few days later, the Organization of Petroleum Exporting Countries (OPEC), frustrated by the lack of progress in negotiations with the oil companies, unilaterally declared a steep increase in the price of oil. 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. Six years later, the Iranian Revolution triggered a further upward surge in prices.

In this book, the author examines both the causes and the consequences of these events not only within the oil industry and the Middle East, but also their impact on the world economy, the role of Third World nations in the international system, and relations between the leading oil consuming nations. She demonstrates how the effects of the oil crisis lasted throughout the rest of the twentieth century and beyond.

Fiona Venn is Senior Lecturer in History at the University of Essex. Her many books include `The New Deal¿ (1998) and `Oil Diplomacy in the Twentieth Century¿ (1986).

 

About the Author

Fiona Venn teaches at the University of Essex and is a specialist in the history of oil. Previous publications include Oil Diplomacy in the Twentieth Century (Macmillian, 1986) and The New Deal (Edinburgh University Press, 1998).

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