Oil imperialism theories
Encyclopedia
Oil imperialism theories assert that direct and indirect control of world petroleum
reserves is a root factor in current international politics.
. Most critics (and some supporters) of the Gulf War
and the 2003 invasion of Iraq
, argue that oil imperialism was a major driving force behind these conflicts. Some theories hold that access to oil defined 20th century empire
s and was the key to the ascendance of the United States
as the world's sole superpower
and explain how a transitioning country like Russia
is able to obtain such rapid GDP growth (see Economy of the Soviet Union
). Petrodollar theory
states that the recent wars in Iraq are partly motivated by the desire to keep the US dollar as the international currency.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
reserves is a root factor in current international politics.
Control of oil
While economists and historians agree that access to and control of the access of others to important resources has throughout history been a factor in warfare and in diplomacy, oil imperialism theorists generally tend to assert that control of petroleum reserves has played an overriding role in international politics since World War IWorld War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
. Most critics (and some supporters) of the Gulf War
Gulf War
The Persian Gulf War , commonly referred to as simply the Gulf War, was a war waged by a U.N.-authorized coalition force from 34 nations led by the United States, against Iraq in response to Iraq's invasion and annexation of Kuwait.The war is also known under other names, such as the First Gulf...
and the 2003 invasion of Iraq
2003 invasion of Iraq
The 2003 invasion of Iraq , was the start of the conflict known as the Iraq War, or Operation Iraqi Freedom, in which a combined force of troops from the United States, the United Kingdom, Australia and Poland invaded Iraq and toppled the regime of Saddam Hussein in 21 days of major combat operations...
, argue that oil imperialism was a major driving force behind these conflicts. Some theories hold that access to oil defined 20th century empire
Empire
The term empire derives from the Latin imperium . Politically, an empire is a geographically extensive group of states and peoples united and ruled either by a monarch or an oligarchy....
s and was the key to the ascendance of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
as the world's sole superpower
Superpower
A superpower is a state with a dominant position in the international system which has the ability to influence events and its own interests and project power on a worldwide scale to protect those interests...
and explain how a transitioning country like Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
is able to obtain such rapid GDP growth (see Economy of the Soviet Union
Economy of the Soviet Union
The economy of the Union of Soviet Socialist Republics was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning...
). Petrodollar theory
Petrodollar warfare
The phrase petrodollar warfare refers to a hypothesis that one of the unknown, driving forces of United States foreign policy over recent decades has been the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. The term was coined...
states that the recent wars in Iraq are partly motivated by the desire to keep the US dollar as the international currency.
Criticism
Critics of oil imperialism theories suggest that because the United States is the third largest oil producer, and that it has historically been the leading oil producer in the world, the United States would be unlikely to predicate its foreign policy on the acquisition of oil with such an undue focus. They point out that, relative to its consumption rate, oil is not an expensive commodity in the market.See also
- Petroleum politicsPetroleum politicsPetroleum politics have been an increasingly important aspect of diplomacy since the rise of the petroleum industry in the Middle East in the early 20th century...
- Dollar hegemonyDollar hegemonyDollar hegemony is the hypothesized monetary hegemony of the US dollar in the global economy. Henry C.K. Liu popularized the term in the article "Dollar Hegemony has to go" in Asia Times, April 11, 2002...
- Hydraulic despotism
- Petrodollar warfarePetrodollar warfareThe phrase petrodollar warfare refers to a hypothesis that one of the unknown, driving forces of United States foreign policy over recent decades has been the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. The term was coined...
External links
- Who has the oil? Diagram: Country by size of proven oil reserves
