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The cost of the Syrian crisis

Middle East oil and gas are vulnerable to crises—but what are the alternatives?

By Michael Jefferson   October 2013

 

A Syrian distils crude oil in Al Raqqua. The county has “substantial reserves.” Pipelines pass through it to the Mediterranean. (© Alice Martins/AFP/Getty Images)

Forty years ago this month, the world entered a period that Shell’s planning group referred to as “The Rapids.” This was a period of strong economic growth in the industrialised world, rising US oil imports, and a significant oil price rise. The main trigger was the October 1973 Yom Kippur War between Israel and a coalition of neighbouring Arab states, including Egypt and Syria.

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