The Prize: The Epic Quest for Oil, Money, and Power

The chapter opens with a depiction of the Shah of Iran’s 1971 celebration of the Persian Empire’s 2,500th anniversary at Persepolis. This extravagant event was attended by numerous global dignitaries and underscored the Shah’s ambition to cement his legacy and demonstrate Iran’s resurgence. By the late 1960s, the geopolitical landscape was shifting. The power of the United States and Britain, the key players in the postwar petroleum order in the Middle East, was waning. The United States was embroiled in the Vietnam War, and Britain faced economic decline and retreated from its commitments east of Suez, including its military presence in the Persian Gulf. This withdrawal left a significant power vacuum in a region crucial for global oil supplies, prompting the Shah of Iran to step in as a regional power.

The weakening of British and American influence in the region coincided with the growing assertiveness of oil-producing countries. The Shah of Iran and other leaders began demanding a larger share of the profits from oil, leading to increased tensions with Western oil companies. The Shah’s ambitions were evident in his efforts to fill the power vacuum left by the British and to assert greater control over Iran’s oil resources. This period marked a significant shift in the global oil market.