Oil wars lecture outline

Oil wars lecture outline - Oil Wars lecture outline I. II....

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Oil Wars lecture outline 2/25/10 I. What is oil? II. The Oil Crisis of 1973, causes and effects III. Political Islam I. What is oil? 1) Due to its high energy density, oil became the world's most important source of energy by the 1950s. The world economy, industry, even daily life depended on oil. 2) World crude oil production rose from 8.7 million barrels/day in 1948 to 42 million/day in 1972. The U.S.’s share of oil production fell from 64% to 22%. 3) The U. S., with about 5% of the world's population, is responsible for 25% of the all oil consumption. The Middle East has by far the largest oil reserve and producers. II. The Oil Crisis of 1973 Causes 1) Arab nationalism. Arab nations, led by Egypt’s President Nasser, realized that they sat on a vital global resource, and sought to assert political sovereignty. 2) Oil producers established OPEC (the Organization of Petroleum Exporting Countries) in 1960 to defend prices for crude oil and to support national oil companies. 3)
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This note was uploaded on 05/25/2010 for the course HIST 20 taught by Professor Idon'tremember during the Spring '08 term at UC Riverside.

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