countries of the Middle East. This relationship is, however, by no means new; the U.S. administration and economic elites have understood the important role oil plays in the world power structure since at least the end of World War II, if not before.2 There are several aspects of OPEC(s relationship to the U.S. which need elucidation here in specific terms with reference to recent history. First, however, it is important to state explicitly the prevailing, general relationships between OPEC and the industrialized nations. Politically, of course, OPEC although not an array of colonies, bears something of that role in connection with the former colonial powers, including the U.S. As stated above, the nations of OPEC vary in political structure and culturally, but they have two key features in common: oil and relative economic underdevelopment in relation to the primary markets for their oil. Since the OPEC member states are not industrialized, their oil reserves are essentially worthless if withheld from international markets, which are predominately the industrialized countries, the U.S., Western Europe and Japan. That essential worthlessness of the oil if not supplied derives from two conditions that define the relationship between the rulers of OPEC and their industrialized customers. First, obviously, OPEC needs to sell or trade its oil in order to capitalize on its oil reserves. The OPEC nations cannot use the petroleum domestically to the same effect, the same gain, as can be gotten on the international market, and they lack other resources necessary to develop an industrial base of their own in the absence of strong trading relations with already industrialized nations. Second, because their own economies are underdeveloped with limited industrial and concomitant financial structures, the wealth of OPEC has to be invested in the industrialized nations( economies in order really be worth anything. Whether the profits fr...