chapter  11
24 Pages

World Markets: International Trade

In 1990, at the urging and leadership of the United States, the United Na­ tions authorized the use of armed forces against Iraq which had invaded Kuwait. The Middle East has about two thirds of the world’s known oil reserves and the United States and other industrialized nations are criti­ cally dependent upon their being in friendly hands. The successful Persian Gulf War reduced the Iraqi threat. This event fueled the efforts of some Americans who argue that we should minimize our dependence on foreign oil and strive to become self-sufficient.