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Books > History > World history > From 1900 > Postwar, from 1945
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The Oil Crisis (Hardcover)
Loot Price: R4,567
Discovery Miles 45 670
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The Oil Crisis (Hardcover)
Series: Turning Points
Expected to ship within 12 - 17 working days
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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.
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