After WWII ended, oil was at the center of conflicts between European colonial powers and Arab nations over who controlled Middle Eastern resources. The Nazis were also after Russian oil fields because they were looking for more power during WWII. Oil has also played a huge role in many wars over the last century, including World War II, where Japan attacked Pearl Harbor to gain access to oil in East Asia. It was a key factor in World War I, as countries sought control of oil fields to replace horses and coal-fired engines. Oil is critical to the world’s economy and politics. It’s so profitable that seven of the top 20 Fortune 500 companies are in oil. Despite that, luck, fate, risk taking and reward have also shaped how this industry works. Oil is the world’s largest business, and it powers many other businesses. The history of the oil business is intertwined with modern capitalism and corporations.
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