Petro-Islam: The Nexus between Oil and Terrorism | WHAT REALLY HAPPENED


Petro-Islam: The Nexus between Oil and Terrorism

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All I am trying to suggest is that there are ways to persuade the Gulf’s petro-monarchies to implement democratic reforms and to desist from sponsoring Islamic extremism, provided we have just and upright international arbiters. As in the case of aforementioned Iran sanctions, sanctioning the Gulf states also seems plausible, however, there is a caveat: Iran is only a single oil-rich state which has 160 billion barrels of proven oil reserves and has the capacity to produce 5 million barrels per day (mbpd) of crude oil.

If anything, the Gulf’s petro-monarchies have ‘sanctioned’ the Western powers in the past by imposing the oil embargo in 1973 after the Arab-Israel war. The 1973 Arab oil embargo against the West lasted only for a short span of six months during which the price of oil quadrupled. But Washington became so paranoid after the embargo that it put in place a ban on the export of crude oil outside the US borders — which is still in place — and began keeping 60 days stock of reserve fuel for strategic and military needs.

Therefore, though enforcing economic sanctions on the Gulf states to implement democratic reforms sounds like a good idea on paper, but the relationship between the Gulf’s petro-monarchies and the industrialized world is that of a consumer-supplier relationship. The Gulf states are the suppliers of energy and the industrialized world is its consumer, hence the Western powers cannot sanction their energy suppliers and largest investors.

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dean_saor

"...and began keeping 60 days stock of reserve fuel for strategic and military needs." And 36% of that is earmarked exclusively for Israel's needs.

Am fear a thug buaidh air fhèin, thug e buaidh air nàmhaid.
He who conquers himself, conquers an enemy.

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