At the intersection of two important questions of our time, namely global peace and sustainability of the planet Earth, stands a commodity beyond all commodities that has wreaked havoc with the material and mind of humanity in recent times. This commodity is none other than oil, whose reality as well as its fictional impression has both made a consequential impact upon the public opinion today. This volume will demonstrate what is right and what is wrong with the learned opinion across the board, before showing what is amiss with the popular perception. This book is not intended to be a technical volume, though the analysis will rely on specific materials that are highly specialized in nature. The scope of this book encapsulates an interdisciplinary analysis, including economics, international relations, area studies (i.e., Middle East), history, and US foreign policy.