Legacy Global Impact Of Economic Shocks | 1973 - Oil and the 20th Century | 3
Apr 2, 2026
A dive into how oil, technology and geography rewired global power in the 20th century. Stories span the rise of modern oil companies, the geology that made the Gulf central, and the political battles over Persian oil. The narrative traces nationalisation, covert interventions and the long shadows they cast on today’s geopolitics.
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Military Needs Cemented Oil As Strategic Resource
- Militaries accelerated oil's strategic value as navies and mechanised armies shifted from coal and horses to petroleum.
- Winston Churchill's decision to move the Royal Navy to oil increased urgency to secure overseas oil supplies.
Oil Companies Wired The World Into Energy Empires
- Global oil systems were built by corporations like Anglo-Persian and Standard Oil that linked distant fields to urban consumers.
- These companies became powerful intermediaries knitting geology, capital and imperial policy together.
D'Arcy's 1907 Strike Launched Modern Oil Concessions
- William Knox D'Arcy's 1907 oil strike in Persia created the first major modern concession, transforming regional geopolitics.
- His 60-year concession attracted imperial attention and set the stage for British state involvement in oil.