Lesson 7 - Lesson 7 Learning Objectives You'll be...

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Lesson 7 Learning Objectives You'll be successful in this lesson when you can do the following; Articulate oil history with regard to prices and security Evaluate current energy policies and their potential outcomes and consequences Identify and suggest potential energy security problems, options, reactions, and consequences. OPEC OPEC is important for 2 very important reasons: OPEC countries produce 40% of the crude oil. OPEC countries have 75% of the World Reserve of crude oil. 9,000,000 barrels a day x 365 days a year = 3.3 x 10 9 barrels per year Lifetime = 255,000,000,000 barrels / 3.3 x 10 9 barrels per year Lifetime = 77 years To understand the events leading to the Arab Oil Embargo of 1973 you need to understand why Israel is in its unique situation. Go to the CIA World Factbook and select "Israel" look at the "background." Just as we Brits managed to screw up completely every country we ever "owned," Israel is no exception. It is a United Nations created country. In 1973 Egypt and Syria jointly attacked Israel on Yom Kippur (the holiest day in the calendar). It was the age of the "Cold War". Syria was receiving military supplies from Russia and Israel military supplies from the US, UK, and the Netherlands. When Israel had survived the initial attack, recovered their lost ground, and looked to be capable of
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Lesson 7 - Lesson 7 Learning Objectives You'll be...

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