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

by Daniel Yergin

In 1958, further adding to Nasser’s laurels, Egypt finally bamboozled a reluctant and skeptical Soviet Union into providing the funding to build the Aswan Dam. In the same year, in a great symbol of Nasser’s appeal, Syria joined Egypt to form the United Arab Republic, seemingly the first step in the realization of his dream of pan-Arabism. The apparent merger, ominously, brought together the two countries which—with the Suez Canal in Egypt and the Saudi and Iraqi pipelines passing through Syria—dominated the transit routes for Middle Eastern petroleum. Nasser was, at least theoretically, in a position to threaten single-handedly or actually even to choke off most of that supply. In order to counter what the British ambassador to Iraq called Nasser’s “stranglehold,” discussions ensued about quickly building Iraqi pipelines to the Persian Gulf as well as an export terminal at Fao, on the Gulf. But then the situation in the region, and in Iraq itself, went from bad to what seemed a total disaster. For three years, Nasser had been conducting a virulent propaganda war against Iraq and the Hashemites, the British-backed Royal Family that had been installed by Great Britain on a newly created throne in Baghdad after World War I. In July 1958, officers plotting a coup told their troops the far-fetched story that they had been ordered to march to Israel and surrender their weapons. That was sufficient to get the soldiers to support a rebellion. The coup that followed set off an exp...