| Summary/Abstract |
For more than seven decades in the post war period industrial development is basically dependent on oil for energy requirements. Countries having oil deposits enriched their economies by determining its price and availability. But the process involved more diplomatic maneuvers to achieve political objectives. Invention being the progeny of necessity almost all countries across the world explored oil in their respective territories but US honed its oil production capabilities with potential access to market which underscored the diminutive ability of the organized cartel to control supply and price.
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