Israel's Creation, Communist Revolution and the Arab Oil
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.
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