Israel's Creation, Communist Revolution and the Arab Oil
By Nauman Sadiq, New Age Islam
2 August 2014
Is it not the international politics most significant coincidence that the Balfour declaration for the creation of Israel was passed in the same fateful year: November 1917, in which the February and October Communist revolutions were taking place in Russia? Coincidences do happen but sometimes they are contrived to look like mere coincidences.
No informed person can deny the importance of oil for the industrial economies, but it is generally believed in the foreign policy circles that oil took the centre stage in the international politics only after the collective Arab oil embargo of 1973 when the price of oil quadrupled in a short span. It is a fact that the US got so paranoid after the Embargo that it started keeping 60 days stock of reserved fuel, just in case the Arabs do it again.