AIM: How has the importance of petroleum played a role in the recent history of the Middle East? Do Now: Gas prices have nearly doubled since 2003. It.

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AIM: How has the importance of petroleum played a role in the recent history of the Middle East? Do Now: Gas prices have nearly doubled since It is currently at $3.25 per gallon. If the pattern continues, how much will a gallon of gas cost when you get your driver’s license in 2011? Minimum wage was $5.15 an hour in It is currently $5.85 and hour. If this pattern continues how much will minimum wage be in 2011? HW: Research the alternative energy sources (solar, wind, ethanol, & bio-diesel). Explain the pros and cons of each.

Petroleum Politics I.OPEC – Organization of the Petroleum Exporting Countries 1.Created in A.Very important in the 1970s. 2.Headquarters in Vienna, Austria. 3.Goal = A.Coordinate petroleum policies & prices B.Protect members’ interests by providing steady income to member countries. II.Persian Gulf War (1990) 1.Saddam Hussein invades Kuwait. A.Wanted its oil. 2.United States forms a coalition against Iraq. A.Combat lasted 5 weeks. B.Iraq agreed to a cease-fire.

World Oil Reserves in Billions of Barrels 1.Saudi Arabia Iraq115 3.Kuwait Iran United Arab Emirates Russia Venezuela China Libya30 10.Mexico Nigeria United States22 13.Algeria Norway Indonesia Angola9 17.Brazil Oman Canada Qatar5.6