Why were world leaders concerned about Saddam Hussein gaining control of Middle East oil?
1 Answer
Feb 11, 2017
By invading Kuwait Saddam took control of 20% of oil world production(Iraq itself had 10% of oil world resources).
Explanation:
Since 1973 the Petrodollar had forced every oil-producing country to sell its oil in dollars. It had replaced the gold standard(which Nixon had abandoned in 1971 during the Vietnam War because the USA relied on money printing to finance the war). This is why Henry Kissinger would say “Control oil and you control nations; control food and you control the people.” The Petrodollar enables the USA to control the world economy. This hegemony was established by Bretton Woods in 1944. Saddam Hussein contested this power and this is what explains the invasion of his country in 1991.
