What’s So Great About the King of Resources’ Leading Provider Gwen Elledge Period 6 OPEC SCHMOPEC

What is OPEC “Organization of Petroleum Exporting Coutries” Regulates exporting of oil, oil products, and oil pricing HQ in Vienna, Austria Produces 40% of whole world’s oil supply Wants high oil prices Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela

OPEC History 1960s Opened Sept , 1960 in Baghdad, Iraq Started in economic and political changes “Seven Sisters” controlled Oil Marked before Countries joining OPEC control their own resources (OPEC Policy) After starting company ten countries joined

OPEC History 1970s Oil prices went up drastically (1973) OPEC Fund for International Development Organization gained three members OPEC became well known Countries took control of oil company and oil pricing

OPEC History 1980s Oil prices dropped badly Small oil market shares fell Oil revenue lowers badly Reference Basket to help price oil New environmental issues become relevant

OPEC History 1990s Prices became more stable Recovery while post-Soviet Union settled Economy and weather effected prices Producers, consumers, OPEC, and Non-OPEC coordinating affiliations

OPEC History 2000s OPEC’s pricing system made pricing better (early 2000s) Markets increased prices to record levels Prices crashed after Made a “comprehensive long-term strategy” Help achieve stable markets, environment, development.

USA vs. OPEC Antitrust problems USA accusing OPEC countries, limit oil OPEC make oil supply go up continuously Oil pricing issues OPEC wanting high prices using to advantage, USA depends on oil

US Dependency Country’s demand for oil increasing Persian Gulf biggest oil production (65%) Happenings in OPEC countries effect oil prices Most US oil from OPEC countries US economy relates to OPEC oil prices Strategic Oil Revenue-oil supply for emergencies

Oil Alternatives Tar Sands-sticky substance underground in sand & rock Tar Sands-bad for environment Ethanol-oil made by corn Ethanol-would hurt our food supply Ethanol-97% of land would be corn if fuel was only ethanol Both-industries lose more energy than make

Pollution Petroleum/oil products poisonous Petroleum has sulfur & nitrogen tracings Hydrocarbon Petroleum/oil is one of the biggest polluters

Problems with the US Oil dependency creating a disaster Not exactly looking for different fuel resources Oil companies/companies invested in oil not looking for alternatives-USA stuck in a rut Synthetic oil payments go in taxes-foreign oil no taxes Foreign fuel in favor-not giving other sources a chance

Religion vs. Oil Some OPEC countries are Muslim USA worried because of Muslim faith-just seeing beliefs as a threat Some Muslims want to convert all countries-all faiths need to work together-oil countries Oil products also in concern

Bibliography "Allah vs. the Price of Gas." HubPages. Web. 3 Mar Dye, Lee. US: Foreign Oil Dependency: Stuck Between a Rock and a Hard Place. Web. 1 Mar "The Oil Drum | Middle East OPEC Reserves Revisited." The Oil Drum | Discussions about Energy and Our Future. Web. 2 Mar "OPEC : Brief History." OPEC : Home. Web. 16 Feb

Bibliography "OPEC : Setting the Record Straight over Prices." OPEC : Home. Web. 11 Mar OPEC and Gas Prices Around the World. Web. 28 Feb "Petroleum - Water, Effects, Environmental, Disasters, Pollutants, United States, History, Causes, Impact, EPA, Soil, Chemicals, Industrial, Liquid, Wells, Toxic, World, Human, Power." Pollution Issues. Web. 23 Feb