If You're Listening What happened last time we ran out of oil
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Apr 1, 2026 A historical tour of how oil shaped global politics, from CIA interventions to US ties with Saudi Arabia and Aramco. A look at the 1973 oil weapon, the 1979 supply shocks and how everyday life was transformed by rationing and panic buying. An analysis of how US priorities around Israel and Gulf oil have kept risks to supply alive.
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Younger Generations See Fuel Shock As New
- The modern spike in fuel prices feels unprecedented to under-60s but mirrors past global oil shocks.
- Matt Bevan links current diesel shortages to distant geopolitical events, just as 1970s crises were driven by Middle East conflicts.
Two Core US Interests Shaping Decades Of Policy
- The US has pursued two overriding Middle East aims since WWII: permanent Israeli security and unimpeded oil flow through Hormuz.
- Matt Bevan frames US strategy as a long-term attempt to balance those competing priorities with heavy spending in the Gulf.
CIA Overthrew Mossadegh To Protect Oil Interests
- The 1953 CIA coup in Iran removed Prime Minister Mossadegh after he nationalised oil, reinstating the Shah.
- Matt Bevan recounts Kermit Roosevelt's paid protests and Mossadegh's arrest as the CIA's first major successful coup to secure oil interests.