US Presidency
1957

The Suez Canal enables the nations of Asia and Europe to carry on the commerce that is essential if these countries are to maintain well rounded and prosperous economies. The Middle East provides a gateway between Eurasia and Africa. It contains about two thirds of the presently known oil deposits of the world and it normally supplies the petroleum needs of many nations of Europe, Asia and Africa. The nations of Europe are peculiarly dependent upon this supply, and this dependency relates to transportation as well as to production! This has been vividly demonstrated since the closing of the Suez Canal and some of the pipelines. Alternate ways of transportation and, indeed, alternate sources of power can, if necessary, be developed. But these can not be considered as early prospects. These things stress the immense importance of the Middle East.