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The usage of oil throughout history has helped form the world and how people live. Countries economies, world politics, and the worlds environment has all been changed by oil. Since there is such a large market for oil, world economy has been affected greatly by trades and prices. In politics, there have been both advancements and conflicts because of the world’s dependence on oil. Oil has also had different effects on the world’s environment. Overall, the dependence on oil has greatly impacted the way the world functions. Without oil, the world would not be in the state it’s in today.
The worlds usage of oil has had a major impact on political development. One major outcome was the creation of OPEC. The Organization of the Petroleum Exporting Countries was created during the Baghdad conference that took place in 1960 on September 10th to the 14th. This committee was founded by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Over the next few decades, other countries began to join OPEC. OPEC’s purpose is to watch over oil trades and work on policies with member countries. They make sure that prices from producers are fair and that consumers are getting their fair share of oil. OPEC is the outcome of the high dependence the world has on oil and there are conflicts that happen because of this commodity. One major conflict was the oil embargo set on the United States from OPEC in 1973. This was in retaliation to the U.S.’s choice to aid Israel during the Arab-Israeli war. Other countries affected were the Netherlands, Portugal, and South Africa because of their support of Israel. Since the US depended so heavily on foreign oil, the economy was impacted negatively.This sent the US into a crisis for the next year. These major politic...
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Lockard, Gene. "TIPRO: Oil, Gas Jobs Provide Spark to Hiring Data in 1H 2013." RIGZONE -. http://www.rigzone.com/news/oil_gas/a/129689/TIPRO_Oil_Gas_Jobs_Provide_Spark_to_Hiring_Data_in_1H_2013 (accessed November 17, 2013).
OPEC. "Brief History." OPEC. http://www.opec.org/opec_web/en/about_us/24.htm
(accessed November 14, 2013). Talks about the history of OPEC and what their mission is and how the Impact the Oil community.
Repanich, Jeremy . "The Deepwater Horizon Spill by the Numbers." Popular Mechanics. http://www.popularmechanics.com/science/energy/coal-oil-gas/bp-oil-spill-statistics (accessed November 13, 2013).
Tuttle, Robert. "World Economy a 'Major Worry' for OPEC Oil Producers, Badri Says."
Bloomberg.com. http://www.bloomberg.com/news/2013-10-21/world-economy-a-major-worry-for-opec-oil-producers-badri-says.html (accessed November 13, 2013).
The United States has had several scares throughout its history in terms of oil, most turn out to be over exaggerations of a small event. However, these scares highlight a massive issue with the U.S. and that issue is the U.S.’s dependence on foreign oil. Why does it matter that our oil should come from over seas? In a healthy economy this probably wouldn’t be as relevant, but the U.S.’s economy is not exactly healthy at the moment. There are 4 things that I would like to address: what the problem is, how it affects us, what some solutions are, and what solutions I feel are best.
In conclusion, Oil impacted social change over time, which helped us grow as a society. If you took my proposal into consideration I would really appreciate it. My proposal is going to have all of the factors of Oil and how oil has change our state. After reading the documents that you have given me I was able to answer question “What story should be told”. As H.L hunt always said “money is just as way of keeping score”. - H.L
Almost every single nation in our world today, the United States included, is extremely reliant on oil and how much of it we can obtain. Wars have been started between countries vying for control of this valuable natural resource. The United States as a whole has been trying to reduce its reliance on foreign oil and has had some success, especially with the discovery of the Bakken formation and projects like the Keystone Pipeline.
Crude oil is a strategic product, in the sense that it is a most necessary fuel for all industries of nations in the world. While crude oil is a most strategy input for productions, transportations, and national defends, whoever have control over this source of energy will dominate over other countries, so in addition to supply and demand factors that affect the price, consumers must pay attention to the producers and export countries that can use this product as a weapon. Such as during and after the 1973 Arab-Israeli War, the oil giant Saudi Arab, members of the Organization of Petroleum Exporting Countries (OPEC) imposed an oil embargo against the United States and other Western European countries, which including the Netherlands, Portugal,
People need oil for daily life and work. Since World War II, oil had caused many serious problems in United States and throughout the world. Remarkably, economic and social problems were heightened by the emerging energy crisis. By 1974, the United States gained a third of its oil by importing from the Middle East.[ James Oakes, et al. Of The People: A History Of The United States (Oxford University Press, 2011), 881.] When the heavy war between Israel and Arabia erupted, the United States was not able to gain enough petroleum because it supported Israel. To show the dissatisfaction with the United States’ support to Israel, Arab members of the Organization of Petroleum Exporting Countries even raised oil prices. “Overnight, OPEC raised the price of its oil from $3 to $5.11/By ”[ Merrill, Karen R.. The oil crisis of 1973-1974: a brief history with documents. Boston: Bedford/St. Martin's, 2007, 22.] Not surprisingly, the United States was strongly affected by the oil shortage and the the high price of oil. Homes and businesses could not easily solve the serious problem. Drastic protests occurred in many states such as Arkansas, New York, and Florida because a huge number of drivers could not accept the high price of gasoline.[ Merrill, Karen R.. The oil crisis of 1973-1974: a brief history with documents, 1.] Transportation was decreased in order to use less oil. Faced to the great challenge, several presidents analyzed the seriousness about the oil crisis and provided effective ways of reducing the use of oil.
The economic and technological development since the twentieth century has been fuelled mainly by oil, just as the early industrial revolution of the eighteenth and nineteenth centuries has been fuelled by coal. ...
The Standard Oil Trust of Ohio was and American oil producing, refining, and transporting company. It was founded in 1863 by John D. Rockefeller and lasted until 1911. During 1868, Rockefeller expanded the oil company to become the largest oil refining company in the world. In 1870, the company was renamed Standard Oil Company. After it was renamed, Rockefeller purchased most of the oil companies that were currently in business to make one large company.
Whether we get around by car, bus, or plane, oil is an important factor in most people's lives. The demand is huge, and prices have shot up fast, making us now seek sources for oil in other countries or by drilling offshore. This essay will address the issue from Taking Sides (2013) of “Should we drill offshore for oil?” First, I will talk about the benefits of offshore drilling, economically and socially. Next, I will talk about various arguments against offshore drilling, paying special attention to possible environmental threats. Finally, I will say my personal beliefs, taking both sides into consideration.
Crude Impact is a documentary created by James Jandak Wood in 2006. His film talks about the connect between humans, oil, and the environment. He informs the viewer that our dependency on oil is the reason for increasing human population growth. Wood also talks about the negative effects oil has on our health and the environment. Because of the United States dependency on oil, it causes great stress to foreign relationships. Wood’s film uncover the truth about oil and informs the audience of its dangers.
Aside from causing a major shift in geopolitical power, WWII also solidified the integral role oil played politically in national security. However, following the war the United States was no longer the world’s largest oil producer and was unable to maintain self-sufficiency as it had in the past. As a national security imperative oil was more important at this point than ever before. America’s war machine needed to be well oiled in case the new Cold War suddenly turned hot.
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
" Oil is the life blood of our modern industrial society. It fuels the machines and lubricates the wheels of the world’s production. But when that vital resource is out of control, it can destroy marine life and devastate the environment and economy of an entire region…. The plain facts are that the technology of oil-- its extraction, its transport, its refinery and use-- has outpaced laws to control that technology and prevent oil from polluting the environment…" (Max, 1969). Oil in its many forms has become one of the necessities of modern industrial life. Under control, and serving its intended purpose, oil is efficient, versatile, and productive. On the other hand, when oil becomes out of control, it can be one of the most devastating substances in the environment. When spilled in water, it spreads for miles around leaving a black memory behind (Stanley, 1969).
In conclusion, OPEC's monopoly of the petroleum industry has been a strong one since the 1960's since its members enjoy economies of scale. Its decisions concerning the output of petrol have always been strong affecting the rest of the world. This monopoly is socially inefficient due to the output and the deadweight loss that results. Interestingly enough, to break this monopoly, the new Iraq has the potential to turn the market power around.
“Pollution is the major disadvantage that is formed due to fossil fuels. When burnt they give out carbon dioxide, a green housed gas which is the main aspect of global warming.”(conserve-energy-future.com) That is an environmental hazard. Drilling can be inconsistent because some places may have a lot of oil, and some places do not. Sometimes if there is too much oil there can be a blow out. People also drill on their properties just for money, and some drill just to see if they have oil for money. Doing that is inconsistent. Gas prices rise and cause tension between nations. “Middle-east countries have huge reserves of oil and natural gas and many other countries are dependent on them for constant supply of these fuels.”(conserve-energy-future.com) Gas prices rise and some people cannot afford gas...
Many factors determine the supply and demand of oil in the short-term and long-term range. First, conflicts that occur in the world influence the supply and demand of oil. For instance, the onset of the United States of America Civil War brought about a surge in prices and demands of oil. It amplified the effects on the oil market by the cut-off of supplies of turpentine from the South and the introduction of a tax on alcohol, which rose from 20¢/gallon in 1862 to $2/gallon by 1865, in contrast to the 10¢/gallon tax on products derived from petroleum. Assuming a yield of about 20 gallons of oil per barrel of crude, each 10¢/gallon tax disparity on petroleum product cost of two dollars per barrel, which was a competitive advantage for oil. Because of this, the tax eliminated alcohol as a competitor to petroleum. As a result, oil production declined after 1862, even as new demand pressures grew. Other conflicts that affected the supply and demand of oil include the OPEC embargo that happened between 1973 and 1974, when Syria and Egypt attacked Israel. Others are the Iraq-Iran war between 1981 and 1986, the first P...