This lesson began with a focus on the 4th Arab-Israeli war, the use of the oil weapon, and its devastating consequences, including the tightening market condition and how it led to increased market prices. The impact of the OPEC production cuts and the oil embargo on consumers and nations, including the panic at the pump, the “equal suffering and equal misery,” and the strain in the Western alliance were all discussed. The potential impact of the Watergate event on US policies and actions/inactions were also presented. We also reviewed OPEC’s golden age, how, for the first time, OPEC unilaterally changed the price, the impact of petro-dollar on the Iranian society, as well as the impact of the “OPEC tax” on global economy/recession. Saudi Arabia’s new oil man, Yamani, and the twin pillars strategy of the US were introduced. We concluded the lesson with discussions on the shift from concessions to nationalization in the producing countries, the bitter seeds of resentment that led to the nationalization, and the adjustments made in the consuming nations to the new realities of oil supplies and markets.
Time for the Lesson 10 Quiz!
You have finished Lesson 10. 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 10 Quiz.
- Go to Canvas.
- Click on the Module tab.
- Scroll down to Lesson 10.
- Enter the "Lesson 10 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.