Oil and politics make an intoxicating cocktail addictive, but with deadly consequences. It has always been so.Big boys play rough.Just look at the events of the past three decades: the rise of OPEC in the early 1970s and its spectacular initial success in setting global oil prices; the 1973 Arab oil embargo that shook Western economies to the core; last year’s US-led invasion of Iraq, a country that happens to possess the world’s second-largest oil reserves, after Saudi Arabia. Not to mention the often repeated call by neoconservatives in America to “occupy” Arab oil countries.
Just a few weeks ago: the arrest of Russian oil tycoon Mikhail B. Khodorkovsky, head of the Yukos energy firm, when he “defied” a Kremlin directive by trying to sell a major stake of his firm to ExxonMobil.
To understand the meaning of the Kremlin’s move against Yukos, it is important to appreciate that ExxonMobil is one of the world’s two largest corporations, along with General Electric, and the biggest of all oil companies. It is therefore a major player in American politics.
The bottom line in all these episodes is the same: Oil is the one strategic commodity of the world that governments, from superpowers to minor states, will never allow to be free of political control.
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