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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