OPEC

production and banned all oil exports to the Western countries that supported Israel amid the war. The consequence of this was a lack of oil and inflation to the western countries and a worldwide recession. The prices continued to rise through 1980 and OPEC grew in power and wealth. The western countries cut their oil consumption, found new alternatives of energy and also found new countries to get their oil from. This hurt the Middle East and in turn they dropped their production and prices.…

Cartels are an organization created by a group of producers to regulate supply in an effort to control or manipulate prices without competition. The article stated that The Organization of Petroleum Exporting Countries (OPEC) is the world's largest cartel; it consists of 14 oil-producing countries. Their mission is to coordinate and unify the petroleum policies of its members to ensure stabilization. Although proving the existence of a cartel is rarely easy The Organization…

an embargo set by the Middle Eastern nations. These Middle Eastern nations controlled the oil company known as OPEC, which helped supply many Western nations their oil. OPEC, or The Organization of the Petroleum Exporting Countries, was formed by the coming together of all the Arab countries who were infuriated at the fact that Palestinian lands were taken and used to create Israel (OPEC States Declare Oil Embargo). Other events took place before the Arab countries united and created the…

A country’s level of stability must be judged based on many different factors. In fact, it is easier to define the stability of those individual factors, than it is to judge them as a collected whole. In American popular culture, we generally tend to think of the Middle East an area of the world that is full of instability. If one were to look at all of the civil unrest they would come to that conclusion. The Middle East is much more than that, however. The civil unrest is just the top layer of…

The concept of Oil Fracking was first tapped into by Col. Edward Roberts, a civil war veteran. During the battle of Fredericksburg VA he drew the concept from exploding artillery into a narrow canal obstructing the battlefield (Manfreda J.). In 1866, Robert patented the “Exploding Torpedo”. A long rod shaped self- propelled underwater missile was packed into an iron case with 15-20 pounds of powder (Manfreda J.). Underground the case was placed right above the oil reserve, the wire on land was…

In the second half of the 20th century, Western oil companies were experiencing a time of enormous growth and prosperity. Exploration out into the Middle East had proven extremely successful, and oil was plentiful. As these companies saturated the markets, however, the price of oil along with the profits of major oil producing countries dropped dramatically, resulting in a feeling of bitterness. Consisting of mostly undeveloped arid lands at the time, these oil producers relied on moderately…

previously seen prior to the fracking boom. Previously, the nations' energy demands were (and mostly still are) at the mercy of OPEC (Organization of the Petroleum Exporting Countries). OPEC has mostly provided most of the oil globally and has mostly colluded to increase prices on energy reliant nations. Fracking created a small yet significant competitor to OPEC, thereby forcing OPEC now to dramatically drop prices below costs to force many of these fracking companies either out of business,…

Importance of the United States Involvement in the Middle East “Let our position be absolutely clear: An attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States of America, and such an assault will be repelled by any means necessary, including military force.” Jimmy Carter, state of the union address, January 23rd, 1980. (Jones) Any major world news today is likely to cover the tumultuous affairs of the…

up the debt with an intent to sue to collect repayment – thereby getting fat off the backs of the poor (as the rest of the West has done). This short response will address critically the two main causes of this growing debt: 1) the oil crisis led by OPEC which was led by Saudi Arabia and 2) Reagan’s interest rate hikes as well as effects this disaster has had on the developing countries and the global south…

IN 1980s the seven sisters (shell,exxon mobil and all) were set aside and new seven sister replaced those companies. What was the raeson behind this shift? Old seven sisters: 1. Anglo persian oil company (United Kingdom) 2. Gulf Oil (United states). 3. Royal dutch shell (Netherlands/United kingdom). 4. Standard oil of California (United states). 5. Standard oil of New Jersey (United states) 6. Standard oil company of New York (United states) 7. Texaco (United states). New seven sisters: 1.…