The Global Oil Crisis in Al-Ahram Cairo Newspaper

Abstract

The energy (oil) crisis represented a turning point in the balance of international relations after the Arabs used the Arab oil weapon in their conflict with Israel with unexpected efficiency, which led to a severe crisis in the global oil markets that affected all the countries of Western Europe, the United States of America and Japan, and also led to a division. Sharp among the European Common Market countries.

The embargo decision was an essential element in formulating American foreign policy, especially since it began to have its impact in two parts, one of which required reducing production, and this would affect all oil-consuming countries such as Western Europe and Japan, and the other was to prevent oil from some countries such as America, and therefore the latter decided to follow a future policy that relied on hegemony from While controlling the economy of oil-producing countries to avoid any future crisis, they also began looking for alternative means to oil.