OIL

On half of a notebook page, place the following headings. WHEN WAS OIL DISCOVERED AND WHERE? OPEC, DATES , WHY WAS IT FORMED? POWER OF OPEC DESTINATION OF OPEC OIL

Petroleum is one of the most valuable natural resources in the world Petroleum is one of the most valuable natural resources in the world. Some people call petroleum black gold.

Fuels made from petroleum Automobiles Airplanes, Factories, Trucks. Generate energy & electricity

OIL=

Buy weapons-build armies Countries who produce oil use money to- modernize country Buy weapons-build armies Saddam Hussein used Iraq's oil wealth to build one of the world's strongest armies.

YIKES!! Oil is a non-renewable resource Experts believe that we have used about 1/3 of the world's supply of petroleum, and that supplies will be totally gone by 2050. YIKES!!

The Middle East has about 1/2 of the world's oil. Saudi Arabia has about ¼ of world’s reserves. About 70% of the worlds oil reserves are in politically unstable countries. OH NO!!

QUESTION: If someone has something that you need or have to have, how do you interact or deal with them. RUDE ARROGANT .WHO CARES WHAT THEY THINK ATTITUDE WITH RESPECT AND WORKING TOGETHER

History of oil in S.W. ASIA 1908: A British company strikes oil in Persia (now Iran). It's the first big petroleum find in the Middle East, Standard Oil Company of California, found oil in Bahrain in 1932 Saudi Arabia is the world’s leading oil exporter.

OPEC Organization of Petroleum Exporting countries OPEC has 11 members—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.

QUESTION ? IF YOU ARE THE ONLY PERSON THAT CONTROLS SOMETHING EVERYONE WANTS, DO YOU CHARGE A FAIR PRICE, OR AS MUCH AS YOU CAN? WHY ?

OPEC OPEC was created in response to the 1959 import quotas on crude oil by the United States. In 1959, the U.S. established the Mandatory Oil Import Quota program which restricted the amount of imported crude oil allowed into the U.S. It gave preferential treatment to oil from Canada, Mexico, and later Venezuela. This partial exclusion of Persian Gulf oil from the U.S. market depressed prices for Middle Eastern oil.

Political Power 1973 Egypt attacks Israel, Yom Kipper 1973: In retaliation for US support of Israel, OPEC enacts an embargo against US and raises the price to our allies 70% Price of oil rose from $3 to $5.11 a barrel The world was at the mercy of modern Arab Nationalism The embargo was lifted in March 1974

TODAY The middle east accounts for 50% of the worlds proven oil reserves They export tons of oil 60% went to the Asia-Pacific region, 19% to Europe and 15% to North America. The remaining volumes were exported to South and Central America and Africa.

QUESTION Who is more dependant on Southwest Asian Oil? America Europe Asia

Assignment On a sheet of paper write a letter, poem or rap to a friend. Tell them about Southwest Asian Oil. If time, present to class. Include: When was it discovered Tell them about OPEC Talk about the power of OPEC Tell them who get the oil oil from the Middle east Tell them how the rest of the world looks at Southwest Asia.