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15 / 4104 |
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But as known oil reserves (what is known to be available for future drilling) at that time were already too small for anticipated consumption, the search for and acquisition of oil became a truly international quest.
As early as the1930s oil exploration and discovery, worldwide, was showing that the arid Middle East possessed the greatest potential for untapped oil...
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But these newly found oil supplies were not under the native soil of the oil consuming countries, but under the soil of countries with virtually no oil consumption at all. Thus the world was soon to be divided between oil consuming countries and the oil exporting countries.
In the early decades of the 20th century, with much of the Middle East under the colonial rule of Britain and France, American and European oil companies had a relatively easy time keeping the Muslim fiefdoms under control, while the oil flowed...
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