Transcript Slide 1

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 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 2003. 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 1960.
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
2. Iraq
3. Kuwait
4. Iran
5. United Arab Emirates
6. Russia
7. Venezuela
8. China
9. Libya
10. Mexico
11. Nigeria
12. United States
13. Algeria
14. Norway
15. Indonesia
16. Angola
17. Brazil
18. Oman
19. Canada
20. Qatar
265.3
115
98.8
96.4
62.8
54.3
47.6
30.6
30
26.9
24.1
22
12.7
10.1
9.7
9
8.5
5.8
5.6
5.6