Oil Politics in the Middle East: Understanding the Genesis of Petrodollar Strategy
Abstract
WWII evidenced the blockade of oil supply is the synthesis of the defeat and self-sufficiency of energy has the victorious outcome. Oil ensures the life of industrial economy. The developed could never be sustained developed if energy defaults. US and the allies post WWII technically and diplomatically suzerain the M.E oil reservoirs. US/UK/French oil companies maintained the monopoly from exploring/surveying/ drilling/exploiting the regional oil wells up-to fixing the prices. For the sustenance of oil companies contractual assignments the regional authoritarian/dictatorial regimes were fit to the realist interests’ augmentation of imperialist/capitalist actors. The regional politics amalgamated the world’s necessity of oil into oil politics. The exterior profound penetration in regional political cores fueled the regional rivalries and generated the oil anarchy to protect the Jewish state and to rule diplomatically/economically on regional entities. Hegemony on IPE the US dollar leading status was strategized with petrodollar: no oil with no dollar
Authors
Dr. Ghulam Fareed
Assistant Professor, Political Science, Government College Depalpur, Pakistan
Zahid Yaseen
Assistant Professor, Department of Political Science, GC Women University Sialkot, Pakistan
Dr. Muhammad Imran Ashraf
Assistant Professor, Department of International Relations, NDU Islamabad, Pakistan
Keywords
Oil Politics, Divide Empra, Petrodollar, Bretton Woods System