from 1935 · Diasporaspan
American oil companies open the Arabian fields
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American oil operations in the Arabian peninsula expanded steadily from 1935, finding new fields, building refineries and laying pipelines from the Persian Gulf to the Mediterranean. Revenue on that scale reached the governments of Saudi Arabia, Kuwait and Iraq and gave them something no ruler in the region had held before, which was money enough to develop their own resources, raise living standards and lend to Arab states that had no oil. The same oil was a large source of income for the foreign companies and a matter of importance to the economies of western Europe, so protecting it became part of western politics in the Near East. Zeine lists oil production alongside the founding of Israel, the arrival of the United States and the Soviet Union in the region, and the Egyptian revolution of 1952 as the five things that shaped everything afterwards.