The price of oil has hit US$40 a barrel. It may be a temporary spike, due to the current crisis in Iraq. However, intelligence analysts have been warning that more than 30 years after the oil price hikes of the 1970s that sent the world economy into a spin, Arab states control two-thirds of the worlds proven reserves of oil, and the West is increasingly dependent on Arab oil.Some leading Arab oil states are unstable and facing terrorist threats. Should Saudi Arabia fall to Arab extremists and it…
