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Analysis / Opinion, Opinion

Opinion: Should oil be used as a weapon?


Oil field on fire during the Gulf War.

The writer of this article, Linda S. Heart, discusses the option of using oil for political purposes. Until now, OPEC (which controls 79 percent of the world’s crude oil reserves) has refrained from using its oil as a tool to manipulate the outcome of certain conflicts. Saudi foreign ministers have been quoted repeatedly saying that oil is not a weapon. But during the 1973 Yom Kippur war between Israel and Egypt and Syria, the organization already showed its power by cutting off supply to the US and raising the overall price of oil, hereby shocking global markets and causing lingering worldwide inflation. Would such a move be made these days, the potential for a Third World War would rise exponentially. And according to the author, recent moves by the US, EU and Iran to use oil as a way of manipulating politics will only increase the likelihood that Arab oil-producing countries will also be involved in this ‘increasingly dirty and dangerous game’.

Gulf News, United Arab Emirates (UAE)

Click here for the full story

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Discussion

One thought on “Opinion: Should oil be used as a weapon?

  1. Surely the idea of oil-rich countries using their reserves as a weapon against their enemies hasn’t been lost on the world. If OPEC stops selling oil to, let’s say the US, a short term fix would be to buy more from other countries and produce more domestically. Russia has the most oil and natural gas out of any country in the world. Canada is also an oil superpower. The US has vast reserves as well but it’s playing it smart. It wants to buy up everyone else’s oil and then when there isn’t any left, it’ll begin tapping it’s own oil.

    Posted by beaufortninja | February 1, 2012, 12:01 pm

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