Today – one colored pencil OPEC Open up book to Page 670 (Oil Embargo) 5 volunteers to read for extra credit. Date Change for Makeup Work – May 17 th.

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Presentation transcript:

Today – one colored pencil OPEC Open up book to Page 670 (Oil Embargo) 5 volunteers to read for extra credit. Date Change for Makeup Work – May 17 th

OPEC Organization of Petroleum Exporting Countries

Definition Fixes the price of oil on the international markets Determines the price of oil, by the barrel, sold by member countries This helps to ensure that they will not try to undersell one another

Members Nations – use one colored pencil to label & color the member nations Original Members Iran Iraq Kuwait Saudi Arabia Venezuela (is the only nation not in the Middle East) Joined Later Qatar United Arab Emirates Map on Page R55

1973 Egypt and Syria attacked Israel The goal of this attack was to force the Jews out of the Middle East and To have the Middle East controlled by Muslim nations Who would the United States support in a war between Syria, Egypt & Israel?

U.S. supports Nixon showed his support of Israel by giving them $2.5 billion worth of arms (weapons) How would you respond if the U.S. gave your enemy weapons?

OPEC’s Response The OPEC nations retaliated by putting an embargo on oil shipments. What is an embargo?

Embargo - Complete or partial refusal to trade with another country

How will this impact the price of oil?

Gas prices Prior to the embargo – 25 cents/gallon

Gas prices Prior to the embargo – 25 cents/gallon After the embargo – just over $1 per gallon 4xs – do the math

Gas prices Prior to the embargo – 25 cents/gallon After the embargo – just over $1 per gallon 4xs – do the math If this were to happen today - price of gas $3.71

$3.71 x 4 = $14.84 per gallon

DecadeAverage Price (per gallon) $0.19 to $ – 1969$0.31 to $ – 1979$0.36 to a little less than $ – 1989About $ – 1999About $ – 2009$1.65 to $4

Energy Crisis Gas Stations often ran out of gas Closed on Sundays Refused gas to non-regular customers Determined when people could buy gas based upon their license plate number

How would higher gas prices effect this country?

How can Americans conserve energy?

McDonalds Even the largest fast food restaurant in the United States used the gas crisis in their commercials A signal that this is part of American pop culture

Supply-Side Economics Also known as... Trickle Down Economics Reaganomics This concept is still relevant today. The candidates for President (2012) are discussing it as options to help the economy.