The Goober Oil Company

627 Words2 Pages
bulb-icon

Recommended: U.s oil dependency

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...

... middle of paper ...

...2013).

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).

Show More
Related

  • Imperial Oil ltd. Limited

    1742 Words  | 4 Pages

    Imperial Oil ltd. Limited (Esso) is a Canadian public corporation that produces crude oil and natural gas. Currently the headquarters are based out of Calgary, Alberta employing over 5000 people, with Exxon Mobil owning 69.6 percent of the company. Imperial Oil ltd. was previously located in Toronto and has recently moved all main facilities over to the Calgary, Alberta headquarters.1 Esso was incorporated in London, ON in 1880 and became a land mark in the development of crude oil and natural gases.1 Its retail business consists of service stations and "On the Run Express and Tiger Express-brand" convenience stores. Esso also owns a 25% portion of Syncrude, which are the world’s largest oil sands.1

    Read More

  • Spindletop Research Paper

    535 Words  | 2 Pages

    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

    Read More

  • Oil Dbq Oil

    703 Words  | 2 Pages

    ...nd eventually morph it into what it has become modernly. The industry is transformed over time into a cut-throat game of international relations. The United States specifically becomes overwhelmed with the amount of public relations that are involved. In many cases, the country has much more pull in the affairs than that of the United States’ interests. As a result, President Eisenhower imposes mandatory quotas which protect domestic oil and stabilize the price of U.S. oil.

    Read More

  • United States' Energy Crisis During 1970

    1262 Words  | 3 Pages

    Energy Crisis (1970’s) states that the crisis officially began when the “Organization of Arab Petroleum Exporting Countries (OAPEC) reduced their petroleum production and proclaimed an embargo on oil shipments to the United States and the Netherlands, the main supporters of Israel.” They did this because of the United States providing support to Israel during the Yom Kippur War (Energy Crisis (1970’s)). Although it “ended in late October, the embargo and limitations on oil production continued, sparking an international energy crisis” (Energy Crisis (1970’s)). The United States presumed that a boycott would damage the Persian Gulf financially, however, because of the rise in the price of oil, it actually helped them (Energy Crisis (1970’s)). The price of oil actually shot from $3 a barrel to $12 a barrel. (Energy Crisis (1970’s)). This produced tremendous lines at gas stations, exorbitant gas prices, and people were told not to put up Christmas lights. Other countries that were affected could only heat one room in the winter (Energy Crisis (1970’s)). The American auto manufactures were injured as well while they were turning out large vehicles, whereas Japanese manufacturers produced tiny fuel- efficient autos (Energy Crisis (1970’s)).

    Read More

  • Michael Klare's Blood and Oil

    1520 Words  | 4 Pages

    Michael Klare's Blood and Oil Michael Klare has written an interesting and very relevant book, dealing as it does with the politics of oil, US foreign policy, the Middle East, and the causes of terrorism. He writes with a clear purpose and that is to argue that America's "securitization" of oil and its willingness to use military force in order to secure its supplies of oil have been a major mistake. His main argument is that ever since the meeting on the Suez Canal in February 1945 between Ibn Saud, King of Saudi Arabia, and President Roosevelt, that America has supported despotic regimes in the Middle East in exchange for guarantees of oil supply, and that this is a deal, which undermines American commitment to and support for democracy and freedom. Furthermore, Klare believes that unless American policies change dramatically, there is likely to be an increase in conflict over oil, as countries such as China, which is dependent on imported oil (like the U.S.), attempt to secure their own oil supplies. Oil is a finite resource, which will be in increasingly short supply over the next few years, and production may now be near its "peak." In short, he believes that America must act now to move to a post-oil economy, taking exceptional measures to reduce the use of petroleum by motor vehicles and to introduce alternative fuels. ...

    Read More

  • The Keystone Oil Pipeline Project

    1037 Words  | 3 Pages

    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.

    Read More

  • US Needs to Have Energy Independence

    795 Words  | 2 Pages

    America is dependent on other nations for their ability to create energy. The United States is the world’s largest consumer of oil at 18.49 million barrels of oil per day. And it will continue to be that way for the foreseeable future considering the next largest customer of oil only consumes about 60% of what the U.S. does. This makes the U.S. vulnerable to any instability that may arise in the energy industry. In 2011, the world’s top three oil companies were Saudi Aramco (12%), National Iranian Oil Company (5%), and China National Petroleum Corp (4%). The risk associated with these countries being the top oil producers is twofold. One, they are located half way around the world making it an expensive to transport the product logistically to a desired destination. And two, the U.S. has weak, if not contentious,...

    Read More

  • Texas Oil And Gas Industry

    1303 Words  | 3 Pages

    Oil provided new fuel for transportation and manufacturing, even railroads were able to convert to oil. Oil helped manufacturing plants and farms move to a cheaper source of energy. Another significant factor of oil is that it helped encourage automobile production as well as roads. The production of the Interstate highway led to the movement of people and goods (Champagne, Harpham 13). Rapid industrialization of the Gulf Coast region sparked. By 1929 in Harris County, 27 percent of all manufacturing employees worked in refineries. By 1940 the capacity of the refineries had increased fourfold. The oil and gas industries carried a boom-and-bust mentality (Oliena 1). The economy flourish at times and failed other times, because the prices would rise and fall. When new oil was discovered in a particular place it brought about more people, overcrowding the schools and new housing. Yet a couple years later the town could experience a bust creating poverty and making the town a ghost town. The oil and gas industry transformed the government and its role with the economy. The Texas Railroad Commission was extended to regulate energy and to promote well-spacing rules. Higher education benefitted through the oil and gas industry ( Munch, Francis, and Rundell 604). In 1923 oil was discovered in the West Texas Permian Basin on university land. The Permanent University Fund was split up between the

    Read More

  • The Rise of the American Empire

    1633 Words  | 4 Pages

    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.

    Read More

  • America’s Dependence on Foreign Oil

    1087 Words  | 3 Pages

    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.

    Read More

  • Oil Spill Response

    5767 Words  | 12 Pages

    " 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).

    Read More

  • Renewable Energy: The Switch is Now

    1511 Words  | 4 Pages

    Mast, Tom R. Over a Barrel: A Simple Guide to the Oil Shortage. Austin: Hayden, 2005. Print.

    Read More

  • Monopoly of Petroleum: OPEC

    1029 Words  | 3 Pages

    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.

    Read More

  • The Globalization of ExxonMobil from 1980 to Present

    2517 Words  | 6 Pages

    Since its discovery back in the year 1858 crude oil has been become one of the most sought after resources on the face of the planet. It is due to this fact that the oil industry has fallen into a rather odd category in the case of globalization and seeking out new markets, new labor and new customers. The reason being that the need for crude oil and fuel is always present therefore the product of oil in its basic sense sells itself and the companies do not have to go out and publicly advertise it in the sense that clothing lines and other commodities do. Oil companies must focus more on the matter of why an individual should buy their oil and along with other alternative fuels over their competitors even though in the end the companies products are the same thing. The company ExxonMobil has been the superior company in the oil industry for quite sometime now, and had plenty of success as individual companies before their merger in 1999. The reason for there success is partially due to the power they wield as the most successful company, leading to many new refineries around the world, making deals with smaller companies to gain access to new markets and are leading the world in alternative fuel research. However these things all come naturally to the biggest oil company in the industry, the real question is how they became the powerhouse they are now. That question can be answered by the way in which the company has not focused in globalizing their product of fuel and oil, but globalizing the image of the company company. This is achieved by focusing on charity in which they donate hundreds of millions of dollars, Foreign Direct Investment in areas in which they wish to expand by attempting to provide these impoverished areas wit...

    Read More

  • Fuel Alternatives for the Future

    1347 Words  | 3 Pages

    “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...

    Read More

More about The Goober Oil Company

Open Document