Oil is much more than just a source of energy—it’s a commodity that has shaped—and has been shaped—by the forces of capitalism perhaps more so than any other commodity. The story of oil is one of monopoly capitalism, one of imperialism, one of cheap labor, resource extraction, ecosystem devastation, climate change, assassinations, environmental disasters, genocides—the list goes on. Oil is the commodity which not just lubricates the actual, literal machinery driving the system—but which also lubricates the entire process of U.S. imperialism—the blood flowing through the empire’s many tentacles wrapped around the globe.
As today’s guest has written, “Oil's centrality stems from what it does for the imperatives of accumulation: its ability to accelerate and expand capital's turnover, cheapen the costs of production (including labor), and knit together an international market. No other commodity plays this role.”
Adam Hanieh is a Palestinian professor at the Institute for Arab and Islamic Studies at the University of Exeter. He is the author of Lineages of Revolt: Issues of Contemporary Capitalism in the Middle East, published by Haymarket Books, and most recently, Crude Capitalism: Oil, Corporate Power, and the Making of the World Market, published by Verso. Adam was on the show last year to talk about the political economy of Palestine, part of our ongoing series on Palestine.In this episode we explore the early history of oil, its emergence as a fuel source and how it eventually overtook other fuels like coal as the primary energy source of capitalism. We explore the role that oil has played in shaping geopolitics—from colonialism to coups, assassinations, and more, focusing on the way that oil has shaped the Middle East to this day. We talk about the major oil companies and how the world market for oil works, and finally, we bring into stark relief the environmental implications of this hydrocarbon and the way that oil companies continue to dominate and shape our response to climate change.
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