21._Postwar_Petroleum_Order_Revised_S10

21._Postwar_Petroleum_Order_Revised_S10 -...

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1 21. Postwar Petroleum  Order
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2 Overview production Three great oil deals Saudi Arabia Kuwait Iran supplies to recovery of Europe & Japan 
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3 Americans Back to the Road Gasoline rationing lifted  in the U.S. within 24  hours of Japan’s defeat In 1945: 26 million cars In 1950: 40 million  vehicles in service Gasoline sales  increased by 42% over  the same period of time By 1950, oil was  meeting more of  America’s total energy  needs than coal
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4 EGEE 101 Fall '09 4 U.S. Primary Energy Consumption by Source  and Sector, 2006 (Quadrillion Btu)  
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5 Shortages Shortage of  available  oil in 1947-48 Consumption rose with unexpected rapidity It took time, $, and materials to redesign refineries to  turn out products consumers wanted Also, steel was in short supply worldwide Bottlenecks in transportation Shortages brought in larger volumes of oil  imports Up through 1947, exports exceeded imports In 1948, imports of crude oil and products  together exceeded exports for the first time Ominous new phrase: foreign oil 
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6 Energy Security Energy security was a big  issue for Western Powers Oil: convergence point for  foreign policy, international  economics, national  security, and corporate  interests Both Britain and US intent  on ensuring access to oil,  arose from: The lessons learned from  WWII Growing economic  significance of oil Magnitude of Middle  Eastern resources
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7 Video: Postwar Diplomacy Why was oil  not to be left  to business? What are  some unique  aspects of  the oil  industry? What are the  implications  for market  conduct? QuickTime™ and a YUV420 codec decompressor are needed to see this picture.
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8 Aramco was troubled by: Enormous need for  capital and for markets Higher risks from political  conditions poor health 
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21._Postwar_Petroleum_Order_Revised_S10 -...

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