North Sea oil allowed for the UK to do a number of things one undercut OPEC's control over the oil supply two privatize the commanding heights of the British economy and three crush the powerful British miners Union. Margaret Thatcher was in a way lucky enough to be the first prime minister in the UK who would be able to have a positive oil balance. Some of the power stations that used to run only on coal were reconverted to be used only also on oil.
Featuring Giuliano Garavini on his book The Rise and Fall of OPEC in the Twentieth Century. The second in a two-part series on the 20th-century history of petrostates, petrocapitalists, and the world system.
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