EGEE 120
Oil: International Evolution

Lesson 8 Readings

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Reading Assignments for Lesson 8

Students are to read Chapters 25 through 27 of the text, The Prize.

Chapter 25 - The Elephants
  • Introduction
  • Mattei's Greatest Battle
  • Japan Enters the Middle East
  • Juan Pablo Perez Alfonzo
  • The "Red Sheikh"
  • The Arab Oil Congress
  • "Regards to All, Wanda"

Major Themes to Ponder as You Read

  • Emergence of revolutionary regime in Iran - ushered in state sponsored terrorism funded by oil revenues
  • America once again paralyzed by oil dependency
  • Serious talk of $100 oil
  • The supply shock was seeding its own destruction - expectations vs. reality

Chapter 26 - OPEC and the Surge Plot
  • Introduction
  • "We've Done it!"
  • OPEC in the 1960s
  • The Libyan Jack-Pot
  • Walking the Tightrope - Iran Vs Saudi Arabia
  • National Security and "a Nice Balance"

Major Themes to Ponder as You Read

  • Mounting surplus of oil going into 1960s
  • Posted price cuts upset the balance
  • Limited OPEC market power
  • Elephants in Algeria & Libya
  • Mattei’s last flight & new competitors
  • Iran vs. Saudi Arabia
  • American oil import quotas
Chapter 27 - Hydrocarbon Man
  • Introduction
  • Old King Coal Deposed
  • The Conversion of Europe
  • The Struggle for Europe
  • Courting the Consumer
  • The New Way of Life: "Six Sidewalks to the Moon"
  • Crisis Again: "A Recurring Bad Dream"

Major Themes to Ponder as You Read

  • Mounting surplus of oil going into 1960s
  • Posted price cuts upset the balance
  • Limited OPEC market power
  • Elephants in Algeria & Libya
  • Mattei’s last flight & new competitors
  • Iran vs. Saudi Arabia
  • American oil import quotas
The Quest
  • Chapter 12: North Sea and the Birth of Non-OPEC
  • Chapter 15: Killer Fog

Major Themes to Ponder as You Read

  • Impact of Non-OPEC sources on OPEC
  • Evolution of what it means to be Environment Friendly