This thesis seeks to analyze the role and importance of establishing control over the world&rsquo / s oil resources in reproduction of the global hegemonic position of the US. It is asserted that dominant position of US dollar in global financial system has an important place in reproduction of US world hegemony and ensuring that oil transactions are made through US dollar has played an important role in maintaining the dominant position of dollar. It is also argued that secure access to cheap energy resources is of utmost importance for advanced industrialized nations of the world in terms of maintaining their economic growth. In this respect, this thesis portrays US policies and strategies to take world&rsquo / s energy resources under its control and thereby maintain the dollar hegemony and making the advanced industrialized nations of Western Europe and East Asia dependent on US goodwill for secure access to energy. Being an important actor in global energy market, competition and cooperation between Russia and US is also taken into consideration. In this thesis, it is assumed that the US world hegemony is achieved through both cooperation and competition among advanced industrialized states.