The superpower has been able, with some exceptions, to shape critical global policies to serve its own internal needs. Yet, its huge appetite for oil has left it dangerously vulnerable to the policies of Middle Eastern oil exporters and to the vicissitudes of the Israeli-Palestinian conflict. Historically, the fact that oil prices are denominated in U.S. dollars has accorded the United States a position of strength. This was bolstered by a strong military presence in the Middle East, which was welcomed until recently by at least some oil exporting states. Before the year is out, this last street may well dominate the scene.
Oil is the energy and financial lifeline of the United States, Europe and Japan.
It's a lifeline that runs through an area of intense conflict, where antagonism to U.S. and Israeli policies is as widespread as it is heated. In that context, rising tensions between the United States, the European Union, Russia and China could make for a dangerous and volatile crisis. Of the major powers, the United States is, in many ways, the most vulnerable. It certainly has the most to lose. Take the issue of oil imports.