Crude Capitalism: Oil, Corporate Power, and the Making of the World Market

Much more than an energy source or transport fuel, oil is woven into every aspect of contemporary life. In this original and wide-ranging analysis, Crude Capitalism argues that an understanding of oil must begin with its place in capitalism and the dynamics of capital accumulation. Tracing the development of an oil-centred world market from the late 1800s through to the current ecological catastrophe, the book explores the pivotal social transformations associated with the transition to oil: the emergence of the US as the dominant global power; the breakdown of Empire and the nature of post-war anti-colonial struggles; the origins of financial markets and the rise of the US dollar as 'world money'; the synthetic remaking of everyday commodity production; and the profound impact that oil continues to have on global patterns of state and class formation. Grounded in a clear and accessible account of how oil markets operate today, Crude Capitalism reveals the structures of power and control within world oil, including connections to other industrial and financial sectors, and the growing significance of large oil firms in the Middle East and Asia. By centring oil in capitalism, all of this raises essential questions for what kind of politics is needed to end oil-dependency and ensure our survival as a species.