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The Impact of OPEC on the World Economy - The Impact of OPEC on the World Economy The Organization of Petroleum exporting countries, better known as OPEC, is one of the most recognized cartels in the world. Yet, how many of those who can recognize the name really understand the cartel. I would venture to guess not many and even fewer know about the economic impact it has upon the world. To really get a feel for OPEC one has to delve deep into the heart of the cartel. This can be accomplished by looking at the economic definition of a cartel, the history of OPEC, OPEC today, OPEC and international trade, and the political questions that surround the cartel....   [tags: History OPEC Oil Cartel]
:: 14 Works Cited
1869 words
(5.3 pages)
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Understanding OPEC: An Economic Analysis - Understanding OPEC: An Economic Analysis In the last few months, much has been said of Iraq’s invasion of Kuwait in 1990. Interestingly enough, one of Iraq’s motivating factors was economics. Kuwait provided Iraq with a pretext for war as it violated the economic policies of the Organization of Oil-Exporting Countries by exporting oil above its quotas. This is but one chapter in the complicated history of OPEC. OPEC is an international assembly of nations which co-ordinates and unifies the petroleum policies of eleven countries and has enjoyed the highs and weathered the lows of oil prices in the last few decades....   [tags: Oil Economics Economy OPEC Essays]
:: 5 Works Cited
1338 words
(3.8 pages)
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A Critique of OPEC, The Website - A Critique of “OPEC” – The Website OPEC stands for “Organization of Petroleum Exporting Countries” and is comprised of the largest oil-producing nations of the world. Through OPEC, these Member Countries work together to control the price and availability of oil--one of the most significant commodities in today’s worldwide economy. Founded in September of 1960 with headquarters in Vienna, the OPEC organization is currently comprised of twelve member countries (History of OPEC, 1). OPEC’s mission is defined in a formal organizational statute that identifies their role “to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order t...   [tags: Website Review]
:: 5 Works Cited
1784 words
(5.1 pages)
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The Influence of OPEC - The Influence of OPEC The Organization of the Petroleum Exporting Countries, OPEC, was formed in Baghdad, Iraq in 1960 to coordinate and unify the policies of petroleum exporting countries. According to OPEC, their main objective is to ensure the “stabilization of oil prices” and the securing of a steady income to oil producing nations. In order to achieve this objective, the OPEC member nations meet at least bi-annually to decide whether to raise or lower their collective oil production in order to maintain the prices they deem as “stable.” The main factors that are considered when formulating petroleum policy are the forecasts for economic growth rates and the projected demand for pet...   [tags: Trade Organizations Economy Essays]
:: 4 Works Cited
1554 words
(4.4 pages)
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OPEC members - OPEC is an oil producer’s association founded in 1960 by Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela and curently consisting of 14 members, including the organisators and Qatar, Libya, the UAE, Algeria, Nigeria, Ecuador and Angola(OPEC Statute, 2012). According to the OPEC Statute, the main objective of the organisation is «the coordination and unification of the petroleum policies of Member Countries and the determination of the best means for safeguarding their interests, individually and collectively»(p1, 2012)....   [tags: iraq, kuwait, saudi arabia, venezuela]
:: 17 Works Cited
1953 words
(5.6 pages)
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The Impact and Influence of OPEC on Global Trade - The selected key concept of the week is OPEC: the Organization of the Petroleum Exporting Countries was formed on September 14, 1960 in Baghdad, Iraq and registered with the United Nations Secretariat on November 6, 1962 ( Organization of the Petroleum Exporting Countries, 2013). OPEC defines themselves as “a permanent intergovernmental organization, currently consisting of 12 oil producing and exporting countries, spread across three continents America, Asia and Africa ( Organization of the Petroleum Exporting Countries, 2013, p....   [tags: Economy, Oil industry]
:: 7 Works Cited
908 words
(2.6 pages)
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OPEC's First Trillion-Dollar Year - Opec’s First Trillion Dollar Year In the late 1960’s nothing much seemed to be solid. The preceding decade had seen the assassination of a President. The United States had been at war with Vietnam for years, and there was a sense of revolution in the minds of the youth. The anti-war movement was in full swing, and the cost of the war had strained society and placed a giant financial burden on the United States. (7) Richard Nixon ran for President as the candidate that would bring stability and a return to more traditional values....   [tags: International Business]
:: 13 Works Cited
1307 words
(3.7 pages)
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OPEC and Its Implication in the South - OPEC and Its Implication in the South In 1960, an association was formed that would change the face of international oil acquisition forever. In order to combat the actions taken by the multi-national oil corporations to cut the prices of crude oil, five of the leading oil-exporting countries formed the Organization of Petroleum Exporting Countries (OPEC). These five countries- Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela- were responsible for nearly 80% of all world oil exports at the time....   [tags: Papers] 1854 words
(5.3 pages)
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OPEC’s challenges and creation of incentives for technological innovation - OPEC’s challenges and creation of incentives for technological innovation OPEC is an unstable cartel representing the same interest of the major players in the oil exporting nations. It had its time when it has been effective in raising up the price of oil allowing the member nations to obtain a significant amount of premium collected on behalf of their sovereigns for the cartel and to their loyalty. The essay summarizes a cause and effect that focuses on 2 sets of connection; the first is focused of OPEC’s lack of efficiency or formal mechanism of scoping the conflicts along with its members which result in consequences that affect the oil depended industry as the transportation industry,...   [tags: unstable cartel, oil exporting nations]
:: 3 Works Cited
896 words
(2.6 pages)
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OPEC Power: Past And Present - In this paper, I am going to discuss how the oil cartel known as OPEC (Organization of Petroleum Exporting Countries) impacted the United States economy in the 1970’s, how the effects of this are still felt today, and how their power should continue to influence our thinking where foreign policy and energy policy are concerned. First I will explain what OPEC is, its history and how this concerns every citizen in the United States. Then I will discuss how leaders of the past dealt with the pressures concerning the further effects on the economy at the time, which brought to light the need for energy policy as well as pressing foreign policy issues that need to be addressed, as bot...   [tags: essays research papers] 1686 words
(4.8 pages)
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Monopoly of Petroleum: OPEC - Monopoly of Petroleum: OPEC Images Not Included A monopoly is evident where a firm is the sole seller of its product and if its product does not have close substitutes, as discussed in (Gans J., King S. Mankiw A. 2003). This essay will discuss the monopoly of petroleum by The Organization Of Petroleum Exporting Countries (OPEC), particularly how it controls the price of petrol, threats to its monopoly and the social costs involved. OPEC was established in the 1960's and ever since, Saudi Arabia gained a reputation of being the major power of the organization....   [tags: Business Case Studies Oil Essays Petroleum] 1029 words
(2.9 pages)
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Got Those OPEC Blues Again And Rational Exuberance - “Got those OPEC Blues Again” and “Rational Exuberance” SUMMARY Since March of 1999, when the price of West Texas Intermediate crude oil was at $13 a barrel, we have seen a steady increase in prices in all phases of the economy. OPEC, the organization that is largely responsible for setting production goals in the Middle East, was under fire to find ways to increase prices. OPEC members at this time “pledged to cut back the supply of crude and push oil prices higher.” (Business Week, 48) The results were better than most expected: crude oil prices were almost $27 a barrel on November 23, 1999, the highest price since the 1991 Gulf War....   [tags: essays research papers fc]
:: 1 Works Cited
773 words
(2.2 pages)
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The Oil and Gas Industry - The oil and natural gas industry is a part of an oligopolistic market structure with an undeniable competitive fringe. It is very clear to society that the oil and natural gas industry's past, present, and future production is somewhat controlled and relied upon by OPEC "cartel" decisions. There are few countries that dominate global oil and natural gas production that are outside of the OPEC organization. OPEC, The Organization of the Petroleum Exporting Countries believes that their mission "is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to cons...   [tags: oligopolistic market, opec]
:: 2 Works Cited
573 words
(1.6 pages)
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The History of Oil Production in Venezuela - The history of Venezuelan oil production can be traced to the 1800s when Venezuela’s first oil company was established. However, for purposes of conciseness, this analysis will only focus on developments that occurred after the decade 1960. An analysis of oil production history indicates that the government played and continues to play a significant role in the sector thus leading to some significant setbacks. Prior to 1960, Venezuelan oil production was mostly done by the Royal Dutch Shell oil company and it was under the organization’s leadership that Venezuela’s oil entered the global market....   [tags: shell oil, OPEC]
:: 6 Works Cited
1528 words
(4.4 pages)
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Venezuela's Oil Industry Compared - Venezuela is one of the world’s top oil exporters. It is also one of the top suppliers of oil to the United States of America . Founded in 1960, Venezuela is one of five founding members of the Organization of the Petroleum Exporting Countries (OPEC). Along side Venezuela are the petroleum powerhouses Iran, Iraq, Kuwait, and Saudi Arabia. Since then 9 other countries have joined OPEC, including: Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Gabon. OPEC’s mission is to come to agreements on petroleum policies among the member countries....   [tags: PDVSA, Crude, OPEC]
:: 10 Works Cited
1384 words
(4 pages)
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Oil Crisis in Libya - Because of the crisis that is going on in Libya, Libya’s oil production and exportation has been greatly affected. This country is a member of OPEC, Organization of the Petroleum Exporting Countries. Libya is the world’s seventeen largest oil producer, the thirds largest oil producer in Africa, and the continent’s largest crude oil reserves. (Hauser, 2011) Since Libya has such an important part in the oil industry, the crisis has affected other countries and their trade, such as the price of oil and gas, as well as monetary value....   [tags: OPEC, Middle East] 608 words
(1.7 pages)
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The Economic Factors Involved with the Rising Price of Gasoline - The Economic Factors Involved with the Rising Price of Gasoline The year 2004 has seen a steady climb in the price of gasoline. From January of 2004 to May of 2004 there has been a jump of approximately .50 cents a gallon (Energy Information Administration). For many Americans high gas prices have been a hot issue with them, and there seems to be no rhyme or reason to these fluctuations. With the continued popularity of the sport-utility vehicle and the high volume of gasoline it requires, the issue of high gas prices doesn’t seem to be going away anytime soon....   [tags: Papers OPEC Oil Resources Essays]
:: 10 Works Cited
2563 words
(7.3 pages)
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Drilling in ANWR is Americas best hope - The United States imported 9,163,000 barrels of oil per day in 2010. Of that amount 4,885,000 barrels are imported from countries that belong to the OPEC oil cartel. (Petroleum Statistics) The Organization of Petroleum Exporting Countries (OPEC) is an organization consisting of twelve countries that have formally agreed to fix prices and dictates sales rules involving the export of oil to non-member countries. In order to lessen our dependence on OPEC oil, the United States should begin drilling for oil in the Arctic National Wildlife Refuge (ANWR) in Alaska....   [tags: Environmental Issues]
:: 13 Works Cited
2013 words
(5.8 pages)
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Market Structure Cartel - A Cartel is a company with a very unique position with the opportunity to use a simple model to optimize price. It is an organization with a very desirable position in the world; very few companies can experience the opportunity to determine their own prices without loosing significantly market share. OPEC is considered a Monopolistic-Cartel type of organization. Firm's demand curve This type of structure has the advantage that while increasing oil prices may shift the demand curve. The model allows backstop technology and tariffs on oil imports; therefore, the imposition of tariffs to importing countries will reduce OPEC prices without affecting domestic prices....   [tags: Economics] 803 words
(2.3 pages)
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The Power of Sustainability in Countries - Sustainability refers to the understanding of the interconnections among economy, society and environment which is applicable to a series of procedures to achieve a distribution of resources and opportunities. At present, many countries are intending to carry out this ideology to enforce a development in the ecology of the world. But nevertheless a great quantity of countries is not interested on applying these methods into their economy, as in the case of Venezuela because it is a country with many resources such as Oil....   [tags: development, ecology, resources, oil, power] 1033 words
(3 pages)
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The Unstable Change of Gas Prices Across the World - The Unstable Change of Gas Prices Across the World The price of gasoline is a major interest to almost everyone in the country and almost everywhere in the world. It seems that every month or even more frequently, gas prices are either rising or dropping but never staying stable. Gasoline prices are affected by many factors, including the price of crude oil in the world market, supply and demand for gasoline, local market competition, temporary supply interruptions, government regulations, or taxes....   [tags: Papers] 1585 words
(4.5 pages)
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The Oil Embargo of 1972-1973 - Introduction In our society, oil is one of the core requirements. Whether it is to drive from a point A to a point B or to fly between distant countries, oil always had a fundamental impact on our civilization. Its impact is felt, on a daily basis and under many aspects. Not a day goes by without hearing about the Brent's changing undulation, on the markets in New York or London. Some have thought that the desire to gain control of Iran's oil resources was the core of the CIA's intervention in that country, in the 1950s....   [tags: oil, control, embargo, resources] 1236 words
(3.5 pages)
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How Much Oil is Left in Our World? - ... We have also seen that the increase in non-conventional production barely keeps pace with the declining rate of production of non-OPEC oil fields. It would appear that the non-OPEC conventional oil-producing regions probably have passed peak but one thing is for certain all oil producing regions will eventually reach their peak production. We know this for certain because other fields have already done so some long ago for example in the United States conventional oil production has been in decline since the early 1970s....   [tags: consumption, production, reserves] 1891 words
(5.4 pages)
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America’s Dependence on Foreign Oil - 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....   [tags: Economics ]
:: 11 Works Cited
1087 words
(3.1 pages)
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The Market For Oil And Gasoline - The Market for Oil and Gasoline Question 1: OPEC stands for the Organization of the Petroleum Exporting Countries. OPEC's eleven member countries include Venezuela, Algeria, Libya, Nigeria, Saudi Arabia, The United Arab Emirates, Qatar, Kuwait, Iraq, Iran, and Indonesia. In the fourth quarter of 2003 OPEC will produce 30.5 million barrels per day of the worlds projected total of 79.9 million barrels per day giving OPEC thirty-eight percent of the world's total production. The United States will produce 9 million barrels per day in the fourth quarter of 2003, which is 11 percent of total global production....   [tags: Oil Gas Petrol] 1832 words
(5.2 pages)
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The Volatility of Crude Oil Prices - ... After the insolvency of numerous financial institutions and banks in the US, Europe as well as developing countries, the financial conditions tightened. The resulting economic meltdown led to oil price crash. The movement in oil prices from the 70s to the period following the financial crisis is illustrated in the figure 1.1. Figure 1.1: Real and nominal oil price movements between 1970 and 2008 Source: OPEC According to Kilian (2009), the price of oil was below 100USD per barrel in 2008 and rose to 140USD per barrel midyear and by the end of the year; the price was way below 40USD per barrel with changes occurring almost weekly....   [tags: macroeconomic variables of oil exporting countries] 910 words
(2.6 pages)
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Crude Oil and Venezuela - Venezuela is a country that place at South America. Its official name is República Bolivariana de Venezuela. Its International Reserves: US$ 29,468 billion, GDP (Purchasing Power Parity): $381.3 billion of International dollars, GDP per capita – PPP: 12,920 International Dollars and its Real GDP growth: 5.6% (Source: World Bank, 2012.) Venezuela is a developing country today. And it deals with exportation of oil as a means of sustaining the country economically. Most of countries like Saudi Arabia (1th), Russia (2th), and United Arab Emirates (3th) etc....   [tags: petrodollars, petroleum industry]
:: 3 Works Cited
1241 words
(3.5 pages)
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Understanding the Saudi Arabia-United States Alliance - The American Saudi-Alliance: Delaying the Inevitable. The informal alliance between the United States of America and Kingdom of Saudi Arabia will inevitably collapse. Since initial cooperation in 1943, when American President Franklin D. Roosevelt declared the defence of Saudi Arabia as critical to American interests, the alliance has continued to deteriorate. By developing its capabilities, America is acquiring the means to gather sufficient supplies of oil without having to depend on Saudi oil production....   [tags: U.S.-Saudi Relations Essays]
:: 17 Works Cited
3057 words
(8.7 pages)
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Summary of the Simmons and Company Oil and Gas Macro Outlook - Summary of the Simmons and Company Oil and Gas Macro Outlook Oil Simmons estimates crude oil prices to average $24 WTI for 2000 and $21 WTI for 2001, with 1Q00 at $28, 2Q00 at $24, 3Q00 at $23 and 4Q00 at $21. For 2001, they see 1Q01 at $22, 2Q01 at $20, 3Q01 at $21 and 4Q01 stable at $21. Their thesis, relying on inventory-price dependence, is as follows. Crude oil stocks are at long-term lows, with OECD inventories approaching the 2,300 mmbbl range and US inventories well below 640 mmbbl. US motor gasoline as well as distillates inventories are at record lows, just below 200 and 100 mmbl, respectively....   [tags: Papers] 692 words
(2 pages)
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The Goober Oil Company - 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....   [tags: exonomic, politics, environment, trade]
:: 12 Works Cited
627 words
(1.8 pages)
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Gas War - Gas War Gasoline is produced by a distillation process where crude oil is heated and fumes are captured and converted into many products such as kerosene, jet fuel, and gasoline to name a few. Therefore the price of crude oil, which is extracted from oil wells beneath the earths surface, is a major factor in gas prices. The five leading oil-producing countries and their approximate shares of the world supply of oil are: Soviet Union 21%, Saudi Arabia 17%, The United States 15%, Venezuela 4%, and Mexico 4%....   [tags: essays papers] 1970 words
(5.6 pages)
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Oil Prices and Economic Growth - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Economics] 515 words
(1.5 pages)
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The Importance of Crude Oil - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Energy] 513 words
(1.5 pages)
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The Impact of the Oil Crisis on the American Economy - The Impact of the Oil Crisis on the American Economy With the current spike in oil prices, many American consumers have asked, 'what is going on?' In order to fully understand the current situation and how it is affecting the economy one must look at a variety of factors including: the history of oil crisis in the United States, causes of the current situation, and possible outcomes for the future. It is only after meticulous research in these topics that one is prepared to answer the question, 'what is the best possible solution to the oil crisis?' Although many critics have not yet labeled the current oil situation a 'crisis,' there is sufficient evidence that it is becoming more sev...   [tags: Economics Oil Petroleum Energy Resources Essays]
:: 21 Works Cited
5564 words
(15.9 pages)
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Why and How We Need to Improve the Environmental Impact of Automobiles in the US - The United States of America needs to protect the environment with regard to automobile emissions. The Environmental Protection Agency needs to mandate that automobiles be rated for mileage based on actual mileage for each vehicle, as deemed acceptable by the EPA, and not on averages of the fleet, as well as to impose fuel taxes on gasoline to encourage less driving. The vast majority of scientists agree that global warming is a reality. The consensus is that global warming is a man-made phenomenon....   [tags: automobile emissions, epa, cafe standards, fuel]
:: 23 Works Cited
3010 words
(8.6 pages)
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The Price of Oil and Its Effect on a Country´s Economy - Introduction Oil is one of the primary source of energy and strategic to the development of modern economy. Oil is an important resource which attracts interest by stakeholders in the management of the country’s economy. There is always hot issues whenever there is an oil price fluctuation and is discussed in the economic cycle and in the political landscape. Oil is a global commodity where its price fluctuation and uncertainty affects global economies of countries. This discussion will review the factors that determine the price of oil and its effect to a country’s economy....   [tags: Fuel, Pricing] 2181 words
(6.2 pages)
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The Importance of Oil in Saudi Arabia - Crude oil is such an essential part of our modern lives that we can often take for granted that our supply of it will remain constant. Small, unstable countries often hold great amounts of this precious resource, along with the ability to cut our supply in a moment’s notice. Therefore, the discovery of oil in Saudi Arabia caused a dramatic increase in the revenue of the country. Saudi Arabia’s newfound wealth was exploited to serve the political and economic needs of an opportunistic Islamic monarchy, while the concerns and rights of its subjects were consistently cast to the wayside....   [tags: oil, international relations]
:: 4 Works Cited
852 words
(2.4 pages)
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Year without Oil - Year without Oil OPEC Oil Embargo There are several things that come to mind when presented with the picture and topic, but the one that stands out most is shortage. However, shortage is an ironic word to use for it. It wasnÕt really a shortage in the fact that the world is out of oil, which being a non-renewable resource will be one day, but it was an incredible 130% increase in price by OPEC, Organization of Petroleum Exporting Countries. This forced the petroleum market to head into a tailspin....   [tags: essays papers] 599 words
(1.7 pages)
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Causes of Rising Global Oil Prices - Among the factors that often blamed the current price increases embrace the renewed geopolitical concerns in the Middle East, declining excess capacity in oil production, the production cuts agreed by the Organization of Petroleum Exporting Countries, the devaluation of U.S. dollar against other most important currencies, increased demand from rising countries and the noteworthy expansion in provisional dealings on oil futures market. Traders and speculators can earn from these changes in values through purchasing or selling Crude Oil CFD's (Kanter, 2008)....   [tags: Economics ]
:: 5 Works Cited
950 words
(2.7 pages)
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The 2011 Libyan Protests - Protesters at the University of Illinois, along with protesters from all over the nation, have gathered to demand justice be brought to the Libyan people. As of recent, chaos within the Libyan people has broken out in anger over government dictator Moammar al-Gadhafi. Gadhafi’s attempts to stop the riots have caused an energy crisis. This energy crisis is threatening the United States already damaged economy. The students on campus feel that Gadhafi should step down as President of Libya, but without U.S....   [tags: Government]
:: 5 Works Cited
1471 words
(4.2 pages)
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The Importance of Gasoline - ... According to the Eia.gov website, The O.P.E.C. produces over 40% of the world’s oil used for gasoline. This means that the O.P.E.C. has a monopoly over oil distribution, which allows them to control the price of oil used to make gas. If a gas shortage would ever happen, the O.P.E.C. would simply raise the price of oil, which would increase the price of gasoline in gas stations. The next effect of a gas shortage would be a decrease of people living in suburbia. Throughout the past few decades America has experienced overpopulation....   [tags: gas shortage, price, public transportation] 1134 words
(3.2 pages)
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Analysis of the Impact of Oil Prices on the Global Economy - 1. Introduction The price of oil becomes the bone of contention recently. Oil price seems to be hitting new highs with the regularity of a metronome. It is a bad news for customers who have to pay more on it. More frightening still, this situation may get worse before it come back to normal. No one can exactly predict when the pendulum will soon swing back again since all uncertain factors existing. From the supply side of view, the OPEC is the main producer, being prepared to add or subtract production to balance demand....   [tags: essays research papers] 1212 words
(3.5 pages)
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The War in Iraq Being an Oil Currency War - The War in Iraq Being an Oil Currency War Although completely unreported by the U.S. media and government, the answer to the Iraq enigma is simple yet shocking -- it is in large part an oil currency war. One of the core reasons for this upcoming war is this administration's goal of preventing further Organization of the Petroleum Exporting Countries (OPEC) momentum towards the euro as an oil transaction currency standard. However, in order to pre-empt OPEC, they need to gain geo-strategic control of Iraq along with its 2nd largest proven oil reserves....   [tags: Oil American Currency War Gas Essays] 4130 words
(11.8 pages)
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Diesel Fuel Prices & Trucking Industry - The recent surge in the cost of heating oil, diesel fuel, and gasoline in the United States has had significant impact on many sectors of the U.S. economy, but most importantly it has had quite a devastating affect on the trucking industry. This is important due to the fact that nearly “70% of U.S. communities rely solely on trucking for their supplies” (“ATA” 23). If the government continues it’s trend of non-intervention and refuses to place pressure on OPEC, the prices will continue to soar well over the two-dollar mark, and cause the trucking industry as a whole to shut down bringing the U.S....   [tags: essays research papers] 1760 words
(5 pages)
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The Concept Of Power In Politics - The Meaning of Power The instrumental character of power is that of a “means to an end.” It includes the tools, resources, and abilities used to pursue goals. The meaning of power and its role in politics is understood first with a background of its dual nature. De jure refers to the theory of power. The concept of “absolute power,” considers tangible factors. When comparing nations’ power, money and gross national product are units of measure; the United States is more powerful than Mexico....   [tags: essays research papers] 747 words
(2.1 pages)
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A Rival In Consumption: Petroleum - Land, labor, and capital collectively produce wealth and power among the nations throughout the world, establishing a hierarchy of resourceful nations that instigate trade to make them more superior than ever before. For a nation and their population to prosper among the hierarchy, willing entrepreneurs and workers need to collectively establish a goal and achieve it to its maximum potential and quality, whatever it may be. A nation’s common resources are often reflective of their wealth and economic status....   [tags: Oil Renewable Energy] 1383 words
(4 pages)
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Global Interdependence - As technology of the past gives way to the technology of the future, the world is becoming a smaller and smaller place. In economic terms, Global Interdependence is increasing as time goes on. In other words, we as the United States, as well as other countries, rely on each other for the three factors of production, Land, Labor and Capital. As noted in Thomas L. Freidman’s book, The World is Flat, there are several instances in which the Global Interdependence started. For example, the introduction of the Internet created a common forum in which people could connect to each other instantly was revolutionary in the interdependence process....   [tags: Geopolitics, Globalism]
:: 2 Works Cited
1404 words
(4 pages)
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The Relationship Between Oil Prices and Economic Growth - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Economics ] 973 words
(2.8 pages)
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The Impact of Oil on the 1900s - Oil has been changing American lives throughout the 1900s and continues to do so today. Oil is made in the rock cycle and then bubbles up in oil springs and wells, but most of it remains in pools underground. The oil companies drill it and sell it making huge profits. It was sold to consumers who used it for many things, such as gas lamps and now transportation. The rock cycle is the system the earth has to break down rocks and decompose plants and animals. The earth has been recycling organic materials for billions of years....   [tags: U.S. History]
:: 11 Works Cited
1315 words
(3.8 pages)
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History of Oil Exploration and Production - In 1940, the Italian government began oil exploration in Libya. Due to World War II, early exploration was interrupted and viable deposits for international use were not discovered until 1959. In 1955, Libya drafted a petroleum law, which allowed a structure for foreign oil companies to make exploration, development, and production decisions while giving the government the power to only be a tax collector (Waddams, 1980, as cited in St John, 2007, pp. 204). In 1962, Libya joined the Organization of Petroleum Exporting Countries (OPEC)....   [tags: International Politics ]
:: 8 Works Cited
1076 words
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Causes of Rising Global Oil Prices - Causes of rising global oil prices The oil price volatility is a dominant factor in the global economy world. According to analysts, the war between the U.S. and Iraq had one of the reasons security of the oil business, linked to the influence of this source of energy in all production activities. Crude oil has always been an important element in diversifying portfolio. This benefit has increased further historical diversification in 2009 / 2010. With the U.S. Federal Reserve pumping more money into the system, the price of oil is likely to head higher which can provide improved performance by investors, in addition to reducing the volatility of the portfolio in 2011....   [tags: Government]
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Oil Prices and Economic Growth - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Economics ] 1241 words
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Oil Prices and Economic Growth - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Economics ] 1241 words
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The Importance of Crude Oil - From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging economic growth....   [tags: Energy ] 1244 words
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The CIA Committed Illegal Acts - 1. Intro A. Why the events were important B. The basic problems that came with these events C. Why they could have happened 2. Paragraph 1 A. Rockefeller Papers B. How it influenced the people about the accusations 3. Paragraph 2 A. CIA incidents B. What they were accused of C. The accusations 4. Paragraph 3 A. OPEC B. Describe the events that lead up to this C. Why OPEC decided to do this D. US response to the oil prices 5. Paragraph 4 A. How these tie together or how they don’t B. Influences on society C. Over all reactions 6. Conclusion A. Bring together all thoughts B. How some of this could have been solved C. Our thoughts about the government Democra...   [tags: CIA Above the Law] 1140 words
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The Recession of 1973-1975 - The recession of 1973 through 1975, was due to the Organization of Petroleum Exporting Countries (OPEC) who rose gas prices and imposed an embargo against the United States. This quickly caused oil production to be cut dramatically, leaving no choice but to increase the price in oil. This recession, I am going to pin point the causes, fiscal and monetary policy the government uses to help the economy slowly come out from the recession. Also I am going to pin point the recession’s recovery and expansion....   [tags: Causes, Recovery, Monetary Policy]
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Petroleum: An American Addiction - America the beautiful, land of the greed and the home of oil. Along with being a major superpower comes an insurmountable thirst for fossil fuels. Imperialist ideals and the corporate oil empire can bring stability and jobs but heavy costs also arise. Numerous solutions have been tried, but without fixing the underlying problem more issues are inevitable. Our over-consumption has an incredible effect on our reliance on foreign oil. OPEC, the Organization of the Oil Producing Countries, has supplied Americans with a constant flow of both oil and jobs....   [tags: reserves, fuel cost]
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Oil and world Economy - Oil and world Economy Question: Examine the oil industry in relation to the world economy, utilising any economic theory / theories you think appropriate. One of the most important energy resources since human invested the machine is oil and its products. But as all resources scarce, oil is limited even more. Only few countries in the world have oil fields and produce oil for the rest. Therefore, in nowadays where factories, cars and oil-fired central heating increased significantly, oil has become a necessity for the society....   [tags: essays papers] 925 words
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Oligopoly - Oligopoly is a market structure in which only a few sellers offer similar or identical products. It is an intermediate form of imperfect competition. OPEC is an epitome of Oligopoly. Features of Oligopoly: • Non Price Competition • Interdependent decision making • Entry Barriers If organizations behave in cooperative mode to mitigate the competitions amongst themselves it is called Collusion. When two or more organizations agree to set their outputs or prices to maintain monopoly it is called as collusive oligopoly....   [tags: Business] 879 words
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Oil Reaching $30 a Barrel - Oil Reaching $30 a Barrel “Can the world afford to buy oil at thirty dollars a barrel?” Ed Crook stresses the worldwide delay in satisfying heightened global demand. Consequently he predicted prices would rise to and beyond thirty dollars a barrel. Oil dependent nations such as the United States and Europe are now becoming concerned at the high prices. In protest against fuel prices, French fishermen used their boats to block off the channel ports. Analysts are blaming the production chain for not exploiting other oil reserves as the global demand has been increasing since the 1980’s (although at that time exploitation of some European reserves was deemed uneconomical)....   [tags: essays papers]
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Oil Export for a Unified Caspian Oil Conglomerate - Oil Export for a Unified Caspian Oil Conglomerate Introduction Oil resources are the focal point of almost all international disputes in the present century as every country needs oil to power its electrical grids, run its automobiles, and operate its machinery. The vast majority of accessible oil lies in the extremely unstable Middle East, whose countries form most of OPEC and have a viable monopoly on oil production and pricing. The troubles caused by this situation thus come to no surprise as high demand and monopolistic supply give omnipotent control to the supplier....   [tags: Essays Papers]
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Iraq War and its Effect on World Economy - Iraq war: the spiralling effects on world economy In the next few weeks, the struggling global economy may be put to the test if Washington chooses to invade Iraq. There are many risks involved in bombing Baghdad, the most important being a spike in oil prices. With oil prices already over $30 a barrel, the increased pressure has been put on the global economy as more money is spent on importing oil. Should the United States attack Iraq, there is a real possibility that the Middle East oil shipments will be disrupted....   [tags: essays research papers] 824 words
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The Economic Future in the Year 2000 - The Economic Future in the Year 2000 The economy has performed exceptionally well for the past several years, combining rapid growth and very low unemployment with declining inflation. “Not only has the expansion achieved record length, but it has done so with far stronger growth than expected,” stated Federal Reserve Chairman Alan Greenspan in his remarks to the National Community Reinvestment Coalition annual conference in Washington (Business Week, The McGraw-Hill Companies, Economic Outlook, March 6,2000)....   [tags: essays papers] 1685 words
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America's Oil Problem - The United States is in a recession and depends on foreigners to fuel our country. Oil companies are taking advantage of the power they have over gas prices and the economy is at one of the lowest points in all of our history. It can be seen that the way things are going now that change needs to occur for America to get back on its feet. Drastic changes will need to happen if we are going to continue to enjoy living in a very advanced and prominent country. By developing proper offshore drilling techniques, and alternate energy, America could eliminate debt and lessen dependence on foreign oil....   [tags: American Economy, Oil Industry] 2225 words
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Oil In April 2000 - W A S H I N G T O N, April 6 — The good news for consumers is gas prices are anticipated to drop this summer. But the bad news is the decline will be slow. With an increase in international oil production as a backdrop, the Energy Department today dramatically revised its forecast for summer gasoline prices. The agency said prices should peak later this month and begin dropping sometime in May, averaging about $1.46 a gallon throughout the summer. Even Cheaper Fall Prices And there’s even more good news: Gasoline prices may dip lower still by fall, according to the agency....   [tags: essays research papers] 604 words
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Oil Price and Demand - Oil Price and Demand In Earlier days man needed Food, Air and Water for Survival but with the Advent of Time and Technology another very Important Factor was added to this list that is 'OIL'. The price of oil is of critical importance to today's world economy, given that oil is the largest internationally traded good, both in volume and value terms (creating what some analysts have called a "hydrocarbon economy"). In addition, the prices of energy-intensive goods and services are linked to energy prices, of which oil makes up the single most important share....   [tags: Papers] 2235 words
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Offshore Drilling - America’s economy is heavily based on petroleum, as though it is the nation’s blood; a necessity for survival. Reacting to America’s support of Israel, Arab (OPEC) nations in the Middle East restrict oil exports to the U.S. As a result, a decrease in the oil supply caused gasoline prices to quadruple. As America attempted to promote alternative energy sources, oil companies expanded their search for offshore oil. Approximately 25% of oil produced in the U.S. comes from offshore rigs. Due to environmental concerns following an oil spill off the coast of California in 1969, an offshore drilling suspension was put in place....   [tags: Oil] 1502 words
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Do Oil Companies Make Imbalanced Profits off the Inflated Sales of Gasoline? - ... It is generally the same no matter who or what produces it. The prices of commodities are always unstable because they depend on worldwide supply and demand. For instance, the price of corn went up when ethanol fuel began gaining popularity as an alternative to fuel in vehicles. Also, when there is shortage of a commodity, the price goes up consequently, cases of oil spill and rig explosions bring about this changes in price (Downey, 87). There is also an international commodities market in place where stakeholders’ hedge bets on their own calculations of how much they think the price of oil will increase or decrease down in the future....   [tags: crude oil market, petrodollars] 1683 words
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The Connection between 9/11 and the Need for Foreign Oil - September 11th, 2001 will always be a day that will be remembered. It was a day in history where time it seemed stood still, and one that became a moment of pronounced transformation. Today the United States and other parts of the world are still plagued by the viscosity of this tragedy; both through the wars that were established towards Iraq and Afghanistan over a decade ago, and by the continuous conflict in terms of who and why created the events that occurred on that fateful day. This analysis will argue that the United States’ government used a propagandistic approach towards terrorism in order to support the demand for foreign oil as our dependence for petroleum increases with our pop...   [tags: Conspiracy Theories ]
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Deepwater Horizon Oil Spill in the Gulf of Mexico - There are a few things that are needed in order for man to survive, food, water, shelter, and an energy source. In the beginning fire was that energy source used to keep humans warm and to cook their food. These days energy is in other forms such as nuclear, wind, solar, and of course, petroleum (oil) and are all needed for survival. Oil was, at one time, plentiful and considered more of a nuisance for those who were drilling wells for water in the US because it would seep into the wells. Early uses for the oil were for machinery lubrication and burning in lamps....   [tags: Disaster Ethics]
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Keohane and Nye’s theories of Complex Interdependence and Transnationalism - Robert Keohane and Joseph Nye discussed interdependence and transnationalism in their first publication, ‘Power and Interdependence’ released in 1977. The release coincided with the United Nations (UN) decade of Development where states pushed towards economic growth and social advancement. The 70’s was also a particularly quiet time during the Cold War and was when the European Community (EC) really came to fruition. The world was moving forward at a substantial rate and the old schools of thought seemed less and less relevant in understanding world politics....   [tags: Geopolitics]
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United States Role in State Formation in Saudi Arabia - In my paper I will focus on the United States’ role in state formation in Saudi Arabia to understand importance of the Saudi Petrol in the U.S. economy with regard to recent debates about increasing oil production in the U.S. economy. What are these debates about increasing oil production in the U.S. economy. According to, International Energy Agency (IEA) report, import oil dependence is decreasing while cruel oil production is increasing in the U.S. In 2035, U.S will be almost self-sufficient in energy ....   [tags: oil, economy, oil production]
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The Energy Crisis: Traditional Energy vs. Renewable Energy - In the debate of traditional energy vs. renewable energy the clear winner is renewable energy. Renewable energy is vastly superior over traditional energy because it decreases dependence on foreign resources, produces no emissions, and is not limited in quantity. Opponents of renewable energy are likely to argue that this is not the case and that instead, traditional energy is better because it creates job growth, is reliable during all hours and climates, and comes with a lower cost. These advantages however are either misconstrued or hardly outweigh the long-term positive benefits of renewable energy....   [tags: environmental protection, solar, wind, hydro power]
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Impact of Shale Gas Boom on the Market - Shale gas has exploded in the North American market. Technology advancements and closing the gap in the days required for in between well moves are making it profitable for owner/operators. Other markets are faced with numerous challenges, and for them this is not the case. What are the challenges that European and Asian markets face, and when will they reap the rewards from their shale rich geologies. Less than 5 years ago, North America’s shale boom was readily dismissed and looked upon as a “source for marginal additions” to the supply of oil globally....   [tags: natural gas, North America, Europe, Asia]
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The Effects of Petroleum Business on Nigeria - The largest petroleum-producing nation in Africa is Nigeria. The petroleum company is the main contributing factor of the GDP in the West African nation, which is also the continents, most noticeable and populous reserves. Since Nigeria was under British control it has suffered socio-economic and political adversities for decades. Corrupt domestic militias and complicity of multinational corporations have rid the nation of its natural resources. The same corporations that are ridding the land and exploring the resources have hypocritically identified Nigeria as a major concern with regard to human rights and environmental degradation....   [tags: production, corruption, drilling] 1574 words
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US Needs to Have Energy Independence - ... The U.S. State Department and Department of Energy have long balanced this relationship to not escalate out of control. It is a love hate relationship we each have something the other wants but neither really like one another personally. The U.S. needs find ways to eliminate this risk, which may take time because for about every 9 barrels of oil America exports, it imports 25 barrels of oil. The U.S. congress and senate are well of aware of this and looking to re-shape the future for a more positive outlook....   [tags: Oil, Petroleum, International Relations]
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The World´s Demand of Fossil Fuels - ... Second gen biofuels are also known as advanced biofuels. Second generation biofuels are made from dry plant matter produced from woody crops like plant stems, leaves, husks, woodchips and plant skins. History of Biofuel Biofuel used for vehicles started with the help of German inventor Nikolaus August Otto and his use of ethanol as well as the German inventor Rudolf Diesel and his creation of the diesel engine. His diesel engine was designed to run on peanut oil, a biofuel. Later on Henry Ford’s Model T was completely designed to run on hemp derived biofuels....   [tags: creation of biofuels, biomas] 916 words
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Causes for 1980s Debt Crisis - Introduction: This paper is mainly focusing on the historical background and causes of debt crisis in late 1970s and 1980s. The debt crisis was know as financial crisis and defined as a point of a country's foreign debt accumulation exceed it's earning power and the country has no ability to repay the debt. The readily identification of debt crisis was Mexico’s inability to serve its outstanding debt of $80 billion debt. And the situation continue to worsen, and one year later, by October 1983, 27 countries owing $239 billion had reschedule debts or in the process of doing so....   [tags: Economics ]
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Is Free Trade Always Good? - Is Free Trade Always Good. Free trade is a policy that relies on the concept of comparative advantage that when comparing two countries one of those countries will have the capability to make a product that is better than the other country. So it is best if each country focuses its efforts and resources into one product to increase the economic activity for both countries. The determination of who produces a product better is based on the open market without intervention from a government who may try to control a trade by imposing government protective measures such as tariffs....   [tags: Economics ]
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Accounting Environment in Saudi Arabia - 1. introduction Accounting systems in Saudi Arabia was shown to be imported from developed countries. Although in Saudi Arabia, the accounting principle and structures were primarily constructed from Western countries, the new accounting system has been reformed to adapt the unique Saudi Arabian environment. The various factors might explain how the new accounting system emerges. This paper will analyze how the three main factors-economy environment, taxation policies and foreign accounting standards and principles affect accounting systems in Saudi Arabia....   [tags: Tax Policies, Business Operations]
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