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The October 1973 Arab-Israeli war shook the world out of its
complacency towards wars in distant lands. The conflict had a far-reaching
impact not only on governments and politicians but on almost everyone. The
oil-producing Arab nations enforced an oil embargo on countries not aligned
with them, restricted supply to many others, and raised oil prices for all.
This affected everyone who owned a vehicle, rode in a bus, transported
goods, or cooked food. The crisis affected the prices of all products that
depend on oil, from petroleum and diesel to gas, bitumen, tar, nylon, and
plastic, to name a few. Even medicine production was affected. As a result,
the oil boycott created a global crisis that affected non-oil-producing
countries.
However, the oil crisis spurred resourcefulness, and people around the world
began looking for substitutes for oil. It served as a warning from nature,
raising the question of what would happen if all known oil resources were
exhausted. The crisis also hastened oil exploration in other countries,
particularly in Southeast Asian countries. For instance, offshore drilling
in India has been fruitful and rewarding, and Indonesia has found new oil
wells.
Iran stayed out of the oil boycott, proving that in business, politics have
a limited role to play. It continued to supply oil to Israel, modernizing
its defense equipment in the process. Other oil-producing countries also
benefited from the price rise. For example, Kuwait has succeeded rapidly in
its plans for industrialization and social welfare. Singapore's oil industry
accounts for one-third of its manufacturing output, and it can boast of
being Southeast Asia's largest oil refinery, spurring investment in related
industries such as the construction of factories for bunkering and the
manufacture of lubricating oils.
Sixty percent of the world's known oil reserves are in the Gulf countries,
and their use of oil as a political weapon has helped restore the balance of
power. Industrialized countries like Japan and Western Europe are dependent
on them for their oil supply, checking any further exploitation of nature's
raw materials.
Besides petroleum and diesel, there is another kind of oil that provides the
necessary energy and fuel for the human body, cooking oil. Oil is extracted
from peanuts and coconuts, providing not only a delicious meal but also
strength. Their use must not be indiscriminate, and people must learn to
preserve and conserve energy.
In conclusion, the 1973 Arab-Israeli war and its oil crisis had a profound
impact on the world, raising questions about the future of oil and spurring
resourcefulness and innovation to find alternatives to it. While it caused
hardships, it also showed that politics have a limited role in business and
that resourcefulness can overcome crises. |
