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OPEC and the Oil Crisis of the 1970s: An Example of economic interdependence

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It Is the Organization of Petroleum ... Later on more nations became members. ... Egypt's Sinai Peninsula, Syria's Golan Heights, Jordan's West Bank, and the ... – PowerPoint PPT presentation

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Title: OPEC and the Oil Crisis of the 1970s: An Example of economic interdependence


1
OPEC and the Oil Crisis of the 1970s An
Example of economic interdependence
  • Mr. Reiter Pd.7
  • Group 6b
  • Amber Gutierrez
  • Ana Maria Peralta

2
What is OPEC?
  • It Is the Organization of Petroleum Exporting
    Countries
  • The nations that makes up the OPEC is Iran,
    Kuwait, Saudi Arabia, and Venezuela. Later on
    more nations became members.
  • The OPEC are those that has oil in their
    territory and controls it to sell to other
    countries.

3
The Formation of the OPEC
  • The Arab nations became more independent as they
    found out that they had reserve oil which gave
    them a great deal of influence in the world.
  • The oil producing nations were able to regulate
    both the rate of production, and the price of
    oil.
  • This ability gave the Arab members of the OPEC a
    powerful weapon to be used against Israel and the
    US and allies who supported them.

4
Arab Nations VS Israel
  • The Arab Nations refused to recognize Israels
    right to exist.
  • When Israel was recognized by the UN in 1948, the
    two sides engaged in frequent wars.
  • In one of the wars, the Six-Day war in 1967, the
    5 surrounding Arab nations attacked Israel. In
    the 6 days of fighting Israel captured Egypts
    Sinai Peninsula, Syrias Golan Heights, Jordans
    West Bank, and the Jordanian half of the city of
    Jerusalem.

5
Continuation
  • After capturing many territories Israel offered
    to return them if and only if the Arab nations
    signed a peace treaty that recognizes Israels
    right to exist.
  • The Arab nations refused to do so, and the
    conflict has simmered on as a series of border
    raids and terrorist bombing attacks, which in
    result killed many innocent people.

6
Yom Kippur War
  • In October 1973 the hostilities between the Arab
    nations and Israel broke out into another
    full-scale war.
  • The war was called the Yom Kippur War, because
    the Arabs attack the Israelis on the holiest
    Jewish holidays.
  • The Israelis managed to get an upper hand
    because of weapons and equipment supplied by
    their ally the US.

7
The Arabs Reaction
  • Once the Arab nations realized that they could
    possibly be defeated by Israel they came up with
    a new idea to weaken them economically.
  • They decided to limit or cut off oil supplies to
    Israel, the US or other countries that were
    Israel allies.

8
Continuation
  • The Arabs plan to cut off oil supplies proved to
    be very effective. Almost all the industries
    depended on oil as a source of fuel, gas for
    cars, trucks, airplanes, home heating oil, and
    the production of electricity from oil-fired
    generators.
  • Due to the Arabs oil embargo the worlds economy
    was severely damaged.

9
United States Response
  • The US realized with a shock how much it relied
    on out side sources of oil.
  • They began to take steps to cut its oil use by
    conservation measure.
  • They also began to use alternative fuels which
    still to this day has only limited success.

10
Continuation
  • To prevent the Arabs from imposing more embargoes
    the US leaders began to work harder to promote
    peace talks between the Arabs nations and Israel.
  • They also tried to be more even-handed in its
    relations with Arab nations.
  • The policy of the US towards the Middle East has
    been one of careful diplomacy.

11
Summary
  • The OPEC was formed from oil producing countries
    in the Middle East.
  • Tensions between OPEC and Israel caused them to
    cut off oil supplies to Israel and their allies
    including the US.
  • The oil crisis was affecting the US severely so
    they decided to take action to talk peace among
    Arabs and Israel.
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