We began this lesson with the growth of the oil industry after 1950 and the emergence of Enrico Mattei who literally killed the 50-50 deal. Thereafter, the difference in posted vs market price, how it led to conflicts between the companies and producing countries (especially after Soviet oil reentered the market), and the formation of OPEC were presented. The discovery of "new elephants" in Africa and elsewhere, the shift from oligopoly to perfect competition, and the influence of US domestic and Iran policy on US National strategy was also presented. The rapid explosion in Post WWII oil consumption that dethroned "King" coal and its impact on the lifestyle of American consumers (highway driving, urbanization, drive-throughs, etc.) or the "Hydrocarbon Man" were exposed. We also discussed the 3rd Arab-Israeli war and its impact/effects, as well as the lessons learned. Finally, we turned our attention to the hinge years and discussed the Shah's extravagance, the Anglo-American retreat in the Middle East, US Peak oil, the environmental impact of oil use, the new oil finds in Alaska, North Sea, and Libya that led to excess supply and the game of leapfrogging, and participation or joint ownership as a compromise to nationalization.
Time for the Lesson 9 Quiz!
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 9 Quiz.
- Go to Canvas.
- Click on the Module tab.
- Scroll down to Lesson 9.
- Enter the "Lesson 9 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.