Goodbye to the ‘OIL WEAPON’
Jul 22, 2022
4 minutes
by Ben Cohen
As a kid in the 1970s and 1980s, I remember that the adults around me had a standard explanation for why so many countries around the world kept Israel at arms’ length. It was, they explained, something called the “oil weapon.” The Arab countries were sitting upon lots of oil and could raise prices sharply and without warning if they were affronted by something that Israel said or did.
Oil price hiked by seventy percent
They did exactly this in the fall of 1973, when Israel fought another war of survival against a combined Arab military force. During that conflict, the Arab exporting nations hiked the price of
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