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OPEC SCHMOPEC

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

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OPEC SCHMOPEC

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

  2. 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

  3. OPEC History 1960s • Opened Sept. 10-14, 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

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

  5. 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

  6. 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

  7. 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.

  8. 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

  9. 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

  10. 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

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

  12. 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

  13. 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

  14. Bibliography • "Allah vs. the Price of Gas." HubPages. Web. 3 Mar. 2011. <http://hubpages.com/hub/Allah-vs-Gas>. • Dye, Lee. US: Foreign Oil Dependency: Stuck Between a Rock and a Hard Place. Web. 1 Mar. 2011. • "The Oil Drum | Middle East OPEC Reserves Revisited." The Oil Drum | Discussions about Energy and Our Future. Web. 2 Mar. 2011. <http://www.theoildrum.com/node/7149>. • "OPEC : Brief History." OPEC : Home. Web. 16 Feb. 2011. <http://www.opec.org/opec_web/en/about_us/24.htm>.

  15. Bibliography • "OPEC : Setting the Record Straight over Prices." OPEC : Home. Web. 11 Mar. 2011. <http://www.opec.org/opec_web/en/press_room/1990.htm>. • OPEC and Gas Prices Around the World. Web. 28 Feb. 2011. • "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. 2011. <http://www.pollutionissues.com/Na-Ph/Petroleum.html>.

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