HIST-H 102 Lecture Notes - Lecture 25: Mineral Leasing Act Of 1920, National Recovery Administration, Offshore Drilling
Document Summary
Oil discoveries: british & dutch imperial lands. Post wwii: access tightly controlled (british, dutch, french) Us oil companies: allowed to frill in british middle east and dutch east indies. 1924: teas, oklahoma, california major oil fields discovered. Us: 1930s oil reserves identified, kuwait & saudi arabia. Postwar: middle east production begins to climb. 1970s: world excess capacity for oil production disappearing. Abundant reserves: but world"s wells, pumps, pipelines working near maximum capacity. Oil: no substitutes; finite supplies = ideal product for cartelization. 1960: organization of petroleum exporting countries (opec: indonesia, venezuela, iran, iraq, algeria, libya. Opec: formed to resist pressure of seven sisters" (exxon; shell; bp; gulf; texaco; Oil companies: negotiated favorable terms with arab leaders (1920s & 1930s) Embargo: response to us involvement in yom kippur war 1973. Embargo against: canada; japan; netherlands; uk; us. Arab oil producers: policy changes linked to peace between belligerents. Egypt, syria & israel pull back form sinai peninsula and golan heights.
