Oil imperialism theories

Oil imperialism theories are theories which claim that direct and indirect control of world petroleum reserves is a root factor in current international politics. This is because oil is the most valuable resource in the world, more valuable than diamonds.

Control of oil

While economists and historians agree that access to important resources has throughout history been a factor in warfare and in diplomacy, oil imperialism theories generally tend to assert that control of petroleum reserves has played an overriding role in international politics since World War I. Some critics of the Gulf War and the 2003 invasion of Iraq, argued that oil imperialism was a major driving force behind these conflicts. Some theories hold that access to oil defined 20th century empires and was the key to the ascendance of the United States as the world's sole superpower and explain why Russia was able to sustain itself for so long despite poor economic organization. Petrodollar theory states that the recent wars in Iraq are partly motivated by keeping the US dollar the international currency.

Criticism

Critics of oil imperialism theories suggest that because the United States is the third largest oil producer , and that it has historically been the leading oil producer in the world, the United States would be unlikely to predicate its foreign policy on the acquisition of oil with such an undue focus. They point out that, even relative to its consumption rate, oil is not an expensive commodity in the market, and thus conclude that the oil imperialism theories relating to the United States suffer from a geopolitical spotlight fallacy.

See also

• Petroleum politics
• Dollar hegemony
• Hydraulic despotism
• Petrodollar warfare