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Understanding Impact of Oil in Middle East and Beyond

Terms in this set (14)

Non-renewable resources
Natural resources that CANNOT be replaced! Example=Coal or oil
Crude oil (petroleum)
Extracted from underground accumulations, it is sent to oil refineries, where it is converted to heating oil, diesel fuel, gasoline, tar, and other materials.
Oil Reserves
Oil deposits that can be extracted profitably at current prices using current technology
Renewable resource
Any natural resource (as wood or solar energy) that CAN be replenished naturally with the passage of time
GDP
Gross Domestic Product- The total market value of all final goods and services produced annually in an economy
HDI
Human Development Index, measure of quality of life using factors like life expectancy, literacy, access to clean water, income, etc.
Why did the Persian Gulf War start? Why was the US involved in a War in the Middle East?
Iraq took over Kuwait. USA did not want Iraq to control all the oil in the Middle East, particularly in Saudi Arabia.
Three ways oil has benefited the Middle East .
Money for schools, longer life, low infantility death, infrastructure being built or rebuilt
Three ways oil has NOT benefited the Middle East.
Some people (like dictators/autocrats) get rich others do not, buy weapons, war, still high infantility death
OPEC
ORGANIZATION of PETROLEUM EXPORTING COUNTRIES. An organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum.
Supply and Demand
An economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
Iran, Iraq, Venezuela, Saudi Arabia, Libya, UAE, Qatar, Algeria, Kuwait, Nigeria are 10/15 major countries
Countries belonging to OPEC
U.S., Russia, Saudi Arabia, and Canada
World's Top 4 Oil-producing countries in the world.
$ Oil per/barrel
High was $ 149 per/barrel in 2008 and Current Price (April 2, 2020) in $ 27.25 per/barrel
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