When the World’s oil was threatened under President Eisenhower’s watch, he did not resort to using military force. He set an example of non-interventionism, and helped to ensure a free World Market for years to come.
Here is a brief summary of one of the World’s first oil crises:
Britain and the United States initially offered to fund the building of the Aswan Dam, but they withdrew their offer as a response to the growing relationship between Egypt and the Soviets. Egyptian President Gamal Abdel Nasser reacted by nationalizing the Suez Canal on July 26th 1956. About 1.5 million barrels of oil a day were transited through the Suez Canal, and about 1.2 million of them were destined for Western Europe, making it an essential part of the global economy. On August 2nd Britain made the decision to mobilize troops, and the USSR responded by sending Soviet ship-pilots to help Egypt run the canal. On October 1st a 15 nation Suez Canal Users Association is formed in hopes of finding a peaceful solution to the crisis, but Israel invaded the Sinai Peninsula by the end of the month. The day after Israel invaded the USSR demanded a ceasefire between Israel and Egypt, but the demand is vetoed by France and Britain. U.S. President Eisenhower had wisely advocated peacefully resolving the crisis, and his example led the UN to approve the USSR’s ceasefire demand on November 2nd.
The use of force was not even a last resort for Eisenhower. The horror of war is no longer recognized in America.