The Middle East Controls The Supply of Oil Needs

I was just reading where suddenly in 1973, oil prices jumped from about $1 a barrel to as high as $17 a barrel. The Middle East, which had supplied only 5.5% of the total world output, was then supplying 40% of the total world oil needs. Many countries were almost brought to their knees. The U.S., which consumed 1/3 of the total world production, suffered disruptions in major sections of society. Other countries tottered on the brink of bankruptcy. There was panic unprecedented since World War II. It was the greatest transfer of cash to the Middle East in history, and the Arabs were able to buy and control vital interests in the West. If there was panic in 1973 think what the situation is in 2008 with oil over $140 a barrel and rising every day. (Lou Nicholes – Missionary/Author).