Today, economists and analysts debate how influential a force opec is on markets. Students should complete the map analysis worksheet independently. Oil price history and analysis montclair state university. Teach your students to think through primary source documents for contextual understanding and to extract information to make informed judgments. High schoolers discover the role and function of opec.
Opec, the organization of the petroleum exporting countries, id an international organization uniting most of the worlds petroleum exporting countries to improve the performance of our website, show the most relevant news products and targeted advertising, we collect technical impersonal information about you, including through the tools of. However, the eleven members are united by their common status as oilproducing developing countries. What was the role of science and technology in the cold war. Opec opecs objective is to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers. Organization of the petroleum exporting countries opec. Opec was formed in september 1960 by five oilproducing developing countries iran, iraq, kuwait, saudi arabia, and venezuela with the objective. Why was the united states so heavily invested in the economic recovery of europe and japan following world war ii. Opec explained study guide by rgibbs75 includes 23 questions covering vocabulary, terms and more. Opecs international aid activities date from well before the 19731974 oil price surge. Learn opec us history with free interactive flashcards. See how much you know about opec with this interactive quiz and its corresponding worksheet. So far, opec has stepped up and become a major player in world foreign aid for developing countries.
Document analysis is the first step in working with primary sources. Economic issues since world war ii essay questions worksheet. This lesson includes a link to a thinglink where students visit handpicked websites to watch and read about opec. Opec is losing the ability to control market prices as there are more substitutes. Organization of petroleum exporting countries opec group formed in 1960 to protect economic interests of oilexporting countries.
Heres a look back at some of the landmark events in opec s history. Visit the opec web site for the latest news and information about the organization and back issues of the opec bulletin which are also available free of charge in pdf format. It tells how crude oil or, using its more technical term, petroleum was discovered, how it is explored and taken from the gr. World geography oil in the middle east and africa pdf. Having introduced this historical antecedent, we must now ask whether it is justified by. Opec, the organization of petroleum exporting countries, is a cartel of countries that produce 41% of the worlds oil. Barbara channel in southern california forced the administration to halt all oil activities there and. This lesson provides students with an introduction to opec and how opec affects the worlds economy through the supply and demand of oil. The history of us relations with opec baker institute. Opec, in full organization of the petroleum exporting countries, multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.
Its benchmark for crude oil prices is the socalled opec reference basket orb. News about the organization of the petroleum exporting countries, including commentary and archival articles published in the new york times. It is sometimes said that history is forged by ordinary people doing extraordinary things. History tells us that those who possess oil possess the keys to their country and to leadership of the future. The revenues amassed by opec provide a big opportunity for a big role in foreign aid. Opec used oil to pressure the united states not to aid israels war effort. These terms will show up in each unit and on each major test we take as we go through this workbook. Choose from 500 different sets of opec us history flashcards on quizlet. Might a wto agreement on competition constitute a threat to opec. The purpose of opec for members is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in. In this unit students will gain an understanding for looking at the world through a geographers lens.
This is a collection of chemistry worksheets in pdf format. Challenge middle school students with no prep spelling workbooks, reading comprehension, and math worksheets. The answers to the questions are available on separate worksheets so you can fill them out and then check your work. Opec crude oil prices the opec crude oil price is defined by the price of the socalled opec reference basket. Internationally important conflicts in opecs history have included the sixday. Free printable geography worksheets student handouts. Opecs decisions have a significant impact on future oil prices. Learn more about the history, membership, and functions of opec in this article. Although opec as an organization does not coordinate its members investment plans, many opec countries have been protected by strong barriers to entry, which stem from ownership and control of the bulk of lowcost oil reserves. Printable fifth grade social studies worksheets and study. A short history of opec opec s history can be summarized by a chart showing the price of oil. Sep 14, 2010 though this time, opec proved to be more unified, as on december 18, 2008 they announced the largest production cut in history, which helped them weather the storm. If not, please click here to download your copy of the monthly oil market report.
Quizlet flashcards, activities and games help you improve your grades. In this oil crisis lesson, students determine what the implications of the 1972 american oil crisis were and then write letters to congress members that show support for or opposition to carters energy conservation program. With more substitutes, the demand for oil will be more elastic. Nov 26, 2019 opec also has an eminent impact on the global oil price development. The founding members which include iran, iraq, kuwait, saudi arabia and venezuela agreed to create an organization that could bring some degree of stability to the world oil market.
Economic issues since world war ii answer each of the following questions using complete sentences. Jul 10, 2019 the organization of petroleum exporting countries is an organization of 14 oilproducing countries. Opec oil crisis lesson plan for 9th 12th grade lesson planet. Opec members include algeria, indonesia, iran, iraq, kuwait, libya, nigeria, qatar, saudi arabia, the united arab emirates, and venezuela. For the past 55 years, the organization of the petroleum exporting countries has tried with varying degrees of success.
Answer quiz questions on key points like the countries in opec and what. An introduction to the oil industry and opec tells the story of oil. The organization of the petroleum exporting countries is an intergovernmental organization of. Brief history of opec, organization of petroleum exporting countries. By limiting investment in their oil sector, opec members can control the future flow of oil supplies into the market. This interactive quiz and printable worksheet will help check your understanding of opec, its. Free printable worksheets worksheetfun free printable. It tells how crude oil or, using its more technical term, petroleum was discovered, how it is explored and taken from the ground and made into other products. The organization of petroleum exporting countries or opec an organization that was created at a conference in baghdad, iraq on september 10th14th, 1960. Students will learn to apply the 5 themes of geography to daily life. Opec members hold 82% of the worlds proven oil reserves.
At times, opec has proven itself to be a fearsome cartel. Only two days into the war opec members led by iran and saudi arabia demanded a 100 percent increase in posted prices. Your download should automatically begin in a few seconds. Alleviating us dependence on opec graziadio business school. Opec member countries oda has been consistently higher than the u. Opec s objectives are spelled out in the opec statute, which dates from the earliest days of the organization. All links are deemed relevant and are not placed merely for profit.
Opecs objectives are spelled out in the opec statute, which dates from the earliest days of the organization. Opec has also tried to use its economic clout for political purposes, most notably during the yom kippur war of 1973 also known as the october war. Purchase through these links helps to keep this educational website online and free. Assortment of free printable worksheets and more for use in grades k12 main geography page. Alternative energy and changes in lifestyle can change the market power of the cartel. In the early 1950s, international oil companies iocs developed the posted price system to help host governments estimate oil revenues in advance. In 2018, it exported 25 million barrels of crude oil a day.
314 208 150 1602 256 155 881 1438 523 420 1039 526 231 948 402 1171 280 1332 1115 322 1473 53 468 122 531 320 973 783 1537 1228 323 932 831 1689 293 1109 264 1482 393 1046 1 1230 373 610 299 13 1364 25