Energy Nationalism: Emerging Threat or Promising Opportunity?
Article from: OGEL 2 (2007), in Security of Energy Supply
Incidents of petroleum fuel being used as political tool by producing countries are not new phenomena in global affairs. Arab oil embargo of 1973 was the most significant event in this regard, where Arab producers perceptibly used energy as a political tool, by cutting down vital fuel supply, against the nations that have supported Israel in the Yom Kippur war. Subsequently, oil price across the world quadrupled dramatically affecting global economy in general and economies of many import dependent countries in particular. Despite a variety of policy initiatives adopted by the ...