In this lesson, you learned of the debate on who was entitled to the oil economic "rents" (the oil companies, producing countries, or consuming countries) and the differences in strategies adopted by and the outcomes for Venezuela and Mexico. We also discussed how the American independents helped to open up oil production in the Saudi-Kuwait Neutral Zone, and how the 50-50 agreement in Venezuela found its way to the Middle East. The Shah's troubles in Iran that led to his removal and the nationalization of Anglo-Iranian, its after effects, and the coup that returned the Shah back to power and the "new and disguised" oil consortium that replaced Anglo-Iranian were also discussed. The contradictory and schizophrenic US policy during this period became obvious. Finally, we shifted focus and ended the lesson with Nasser and the Suez Canal Crisis and the after effects. In particular, oil transportation vulnerability became evident and led to alternatives to the Suez.
Time for the Lesson 8 Quiz!
You have finished Lesson 8. Once you are confident that you have reviewed the materials carefully and you have fully participated in the lesson discussion activity, you should be ready to take the Lesson 8 Quiz.
- Click on the Modules tab.
- Scroll down to Lesson 8.
- Enter the "Lesson 8 Quiz" and begin!
- The format of the lesson quizzes is multiple choice questions. The quizzes will be based on the book, the online lesson notes, and videos. Quizzes typically are made available to take any time from Friday afternoon until the following Tuesday.
Tell us about it!
Each week an announcement is sent out in which you will have the opportunity to contribute questions about the topics you are learning about in this course. You are encouraged to engage in these discussions. The more we talk about these ideas and share our thoughts, the more we can learn from each other.