The Years of Complacency

Abstract

This chapter begins with a discussion of Britain’s efforts to monopolize the development of imperial oil reserves and stockpile naval oil reserves. It then shifts to Iraq, which (along with Iran) was one of the centerpieces of Britain’s oil strategy in the Middle East, before examining the failure of British efforts to bring Shell under the control of British nationals. It also discusses the formation of the Oil Board of the Committee of Imperial Defence, which was responsible for assessing Britain’s wartime oil position. The Oil Board identified the key obstacle confronting Britain—a shortage of tankers to move oil from the Middle East. Finally, it contrasts Britain’s ambiguous record in the Middle East with that of Venezuela, which by the early 1930s was becoming Britain’s most important oil supplier.