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Essay / Research Paper Abstract
This 5-page paper analyzes the importance of oil as a "weapon" and controlling influence among Arab states. The essay touches upon the effect of events such as the Yom Kippur War and the Iran hostage takeover of the U.S. Embassy on world oil prices, and discusses OPEC's role in controlling oil, supply and demand. Bibliography lists 2 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MToilmid.rtf
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Unformatted sample text from the term paper:
so much out of sympathy for the Kuwaitis who had been invaded by Iraq. Rather, the reason involved oil. With Iraq and strongman Saddam Hussein controlling Kuwait, the rest of
the world could not be assured of getting the oil it needed in order to obtain the energy it required. Following the war, incidentally, oil prices doubled in the course
of one year (Quandt, 1990). If this sounds somewhat cynical, keep in mind this is not a new factor. The Middle
East is one of the worlds most volatile regions, yet one of the worlds most important - as much of the worlds oil comes from pools deep below the dessert
surfaces. Many Middle Eastern countries, knowing this need, have used oil in various ways to gain and maintain control of various factors throughout history.
The world - particularly the United States - realized just how fragile dependence on oil was in 1973. That year, during Yom Kippur (the holiest day of the
year for the worlds Jewish population), Egypt launched an attack on Israel, thus sparking what came to be known as the Yom Kippur War (Stanislaw and Tergin, 1993). The war
itself was followed by an oil embargo (Stanislaw and Tergin, 1993). Although the Yom Kippur War was won in a matter of days by Israel, an oil crisis was on.
The crisis prompted a rise in oil prices from $2.50 to $10 a barrel and sent the global economy into a downturn (Stanislaw and Tergin, 1993). Americans remember those days
- they were days during which gasoline shortages were rampant, and during which the media published pictures depicting long lines of cars at gas stations, and gas stations with signs
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