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BY  Odilim Basil Enwegbara Of "The Punch" From the outset, Washington recognised the immense strategic role oil plays in powering global economy. As a major source of energy, any nation that has monopoly over its supply and pricing definitely has monopoly over the global economy itself. Desirable to see European hands totally off global oil, Washington had sponsored the World War I. Since the replacement of Pax Britannica by Pax Americana meant also dollar’s replacement of pound sterling’s hegemony, Washington even before the end of WWII, knew that the power of gold as the store of value, should be replaced with oil as the engine that drives global economy for the very fact that the world could do without gold but never ever without oil. Being the case, Washington already knew that the future holder of dollar’s value and its reserve currency dominion should be oil and that’s why its monopoly was inevitable. Unable to destroy European economic power the power it had...