Monday, March 17th Class Discussion What is an acronym? How is it different from an abbreviation? Can you come up with 3 acronyms?

Here is the plan…  Students will be able to recall the acronym OPEC.  Students will understand the laws of supply and demand.  Students will comprehend impact that OPEC can have on Western Countries.

S elf C ontained Underwater B reathing A pparatus

N ational A eronautics and S pace A dministration

L ight A mplification by S tandard E missions of R adiation

O rganization of P etroleum E xporting C ountries

OPEC  The Organization of Petroleum Exporting Countries.  Founded in 1960 – it currently has 11 member nations

WHY??? Do countries join alliances?

Security or… Economics

Member countries  Algeria  Indonesia  Iran  Iraq  Kuwait  Libya  Nigeria  Qatar  Saudi Arabia  U.A.E.  Venezuela

This little piggy…

DOES… U.S.

LAW of PRICING How can cartels like OPEC manipulate the laws of supply & demand?

Golden Goose Rule  Moral - Shortsighted actions can lead to long term pain.  How does this apply to OPEC?

Gas Lines in 1973

INSTABILITY  How has instability in the Middle East (Iran & Iraq in particular) led to higher oil prices?

Create a List Of ways that higher gas prices will impact you or your family.

Higher fuel cost

Higher Food Costs

Are there any… Possible benefits to higher gas prices?

Alternative fuels

New technologies

Conservation

Here is the plan…  Students will be able to recall the acronym OPEC.  Students will understand the laws of supply and demand.  Students will comprehend impact that OPEC can have on Western Countries.