History of Glob. review-1

History of Glob. review-1 - 1 The Globalization of Oil...

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1. The Globalization of Oil 1945-1986 Drake Well, Titusville is the first oil search started John Rockefeller focus on refining o He didn’t focus on production o you know that Saudi Arabia was one of the Western-friendly countries in the Middle East in the years following World War II, along with Iran (after 1953, until 1979) - and these relationships set the basis for a stable world oil order during this period; o - you can talk about Aramco o - you know who Ibn Saud was o - you know what the 50-50 profit-sharing scheme refers to o - you know what the Golden Gimmick refers to o - you can relate the Truman Doctrine to US actions in the Arabian Peninsula (in particular pertaining to the Tapline) in the second half of the 1940s He’s company was viewed as an octopus- controlling all kind of things - Oil ties between the United States and Saudi Arabia 1938- First oil discovery in Saudi Arabia (CalTex) 1945- meeting btw US president and Saudi Arabia president The ties began with Armaco which became very important o 1950- Saudi Arabia pipeline completed and Armaco given %50 of profit to Ibn Saud the imported oil was not very important for the US at the time, Washington seemed hungry for the Saudi oil since their confidence in finding oil in Saudi
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Arabia - Stable oil order established after the overthrow of I ranian prime-minister Mossadegh and installation of the shah’s regime in Iran Because of its geography and resources, Iran was an important pawn in the cold war between the West and the nearby Soviet States. In 1951, the elected Prime Minister Mohammed Mossadegh aimed to end the foreign presence in Iran which had developed following the Second World War, especially regarding the exploitation of Iran's rich oil resources. After Mossadegh nationalized oil, an economic battle ensued between Britain and Iran. Mossadegh implemented more socialist changes as well. Iran's feudal agriculture sector was abolished, and replaced with a system of collective farming and government land ownership. Concerned about these developments, and the possibility that Iran would turn to the Soviets for economic and military support, the U.S. launched a plan to remove Mossadegh from power. The resulting CIA campaign involving the orchestration of civil unrest followed by a military coup is acknowledged to be a model covert operation; one that was repeated in Guatemala and later Chile. Mossadegh was ousted in 1953. The extent of the US role in Mossadegh's overthrow was not formally acknowledged for many years. When the Iranian revolution occurred in 1979, the overthrow of Mossadegh was used as a rallying point in anti-US protests. Who were the ‘winners’ and ‘losers’ or this arrangement
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History of Glob. review-1 - 1 The Globalization of Oil...

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