The Prize : The Epic Quest For Oil, Money, And Power Essay

This article The Gulf of Oil: The Deep Dilemma published by Monica Eckman adapted from “The Gulf of Oil: The Deep Dilemma” by Joel K. Bourne Jr.: National Geographic Magazine, October 2010.

Klare argues that discovery of a natural resource, for instance, oil, result in producers seeking and exploiting the most desirable, best quality and those closest to markets. Over time, these “easy” resources become scarce, of poorer quality, harder to extract and extend into areas further away from the market. This subsequent need to extract “tougher” resources has catalyzed an age of discovery that energy experts call the “shale revolution.” Daniel Yergin, an author and energy optimist describes the “natural gas

In the first half of the 20th century, culminating with World War II, the notion of energy security was closely tied to the supply of fuels for the military. When the British Navy switched from domestic coal to imported oil in the early 20th century, it became vulnerable to an enemy’s occupation of oil fields or attacks on transportation lines or refineries. The battles over oil fields in Indonesia, the Middle East, the Caucasus and Romania during World War II vividly highlighted the military importance of oil supplies .

In 1973, Arab states and Israel were in the midst of war. In retaliation of the U.S. resupplying Israeli military, Arab members of the Organization of Petroleum Exporting Countries (OPEC) initiated an embargo against the United States and other countries that supported Israel. This embargo banned petroleum exports to certain countries, introduced cuts in oil production, and had a drastic effect on the U.S. economy (Oil Embargo, 1973–1974). It led to quadrupling oil prices and oil shortages that led to a widespread crisis across the United States and other countries facing the embargo. The crisis caused a global realization that the world seemed to be running out of oil and provided incentive to look to alternative energy

The two main points in Cavaney’s argument for global oil production peaking while still in high demand being a myth are, primarily, that there are still plenty of reserves and that technological advances will extend those reserves further and, secondarily, that society will advance beyond the need before the resource will run out. Cavaney points toward policies, such as price controls and synthetic fuel subsidies, put into place in the 1970s to avoid disaster from oil production losses as pricey government mistakes. The alarm was sounded, yet production continued. Funds were spent inefficiently. Replacements will develop over time and advances will keep the current supply flowing.

Oil has been used by domestic and foreign governments in the development of the Middle East both domestically and in foreign policy since 1940 by using it as a bartering item because it is such a valid and precious resource that can fuel homes, towns, and countries. The Middle East has had many ups and downs throughout its development as a country, but its abundant supply of oil made it a country that outsiders wanted to either friend or control. The D’Arcy Concession in the early 1900’s were rights created for the people of the D’Arcy, to search and dig for oil within Iran. When given this opportunity they found

To analyze the documentary A Crude Awakening we must first identify the actors participating in the network. The documentary talks about society’s dependence on oil and how essential it is to the world today. The people seem to understand that there are flaws in the use of oil and that it harms the environment however that doesn’t stop people from using it. The documentary talks about oil being “God,” an essential item to keep society running. People forget that oil will run out, they forget that there isn’t an unlimited supply. It’s a precious resource that will run out sooner than people expect. Peak oil

Oil over the course of humanity has been referred to as the lifeblood of the world's economy. Though it might be called an overestimate, oil is arguably the most critical non-human economic resource that is crucial for the progress and growth of the economy. In his book, Yergin illustrates the economic, societal, political as well as the geostrategic importance of oil in the growth of the world's economy. The book takes the reader through a path that retrieves the historical journey of oil from

Stephen Gaghan 's film Syriana takes a interesting look at Americas addiction to oil and how this addiction can greatly effect foreign and domestic policy. The film looks through several characters and there perception on how the oil industry is run and how it effects the lives of so many. We live in a world that is driven by the overwhelming need to consume oil. Because of this our economy rests in the hands of those who produce and supply us with what many consider black gold. We must break the addiction to oil and it must be done in a timely manner. The fate of America 's survival currently rests in the hands of warlords and unstable country 's that are run by the income derived from our enormous consumption.

Oil has always been valued, but in the 21st century, oil has an economic significance. In today’s world, it is used to power so many thing such as a cars. It can also be found in different parts of the world. However an amount of worlds’ oil can be found in the Middle East; making it very desirable to the United States and the other world super powers. The Middle East not only has vast amounts of oil, but it is also has the shortest route to Europe, South Asia and Southeast Asia. Not only did the United States want oil or for its significant location but they also had interest in limiting the communist influence in the 20th century. Sixty-five percent of oil we use today in the United States is imported from countries like Venezuela, Saudi Arabia and Iraq; keep in mind that not only does oil power houses and cars for the citizens of the United States, but it is also used to power things like jets and tanks for our military. In the 1930’s, Oil was found in Bahrain, Saudi Arabia and Kuwait but not until after World War II were Americans granted to explore parts of the Middle East for oil. By 1948, they hit the jackpot in Saudi Arabia. Unfortunately for the United States, their relationship with Saudi Arabia was short lived due the U.S.’s alliance with Israel. The Israelis gained the West Bank, Gaza, and Syria’s Golan Heights with the help of the weapons provided by the United States. Keep in mind that the US supplied and supported the Israelis, and the Soviets supplied Egypt

Michael Ross in his book The Oil Curse, analyzes in great detail the effects of oil on a country’s economic, political, and social environment. Ross argues that “resource curse” is not the appropriate terminology; “it is more accurately a mineral curse”, as countries are generally not affected by other types of resources. (Ross, p.1) In fact, oil and natural gas tend to be the most common villains of the resource curse. Humphreys, Sachs, and Stiglitz hypothesize that “countries with

This was the time when there occurred all the “great oil deals” in order to secure the expansion of the oil supply in Middle and Near East. The result of this was the formation of the private system of an international production management that helped in oil production in Middle East and its incorporation with the global market. The US government strategically gained control over half of the oil share in Middle East by coordinating with the large private oil companies and the oil rich Arab nations.

In this world, there are pointless wars going on for oil, money, and power. Pointless economic wars throughout the countries going on and for what? The government has been providing only a fraction of the free energy sources they have to keep the oil field booming: and to make matters worse, corporate cities are watching as the president and foreign countries scam the U.S. citizens and continue to destroy the earth with harmful chemicals, while individuals continue to attempt to prove conspiracy after conspiracy because nobody is standing up to oil industries destroying our planet.

Fossil energy (i.e. coal, oil and natural gas) is generally considered as a main force that drives innovation of new technology and highly developed economy around the world from industrial revolution. It is also the “lifeblood” of the global economy and takes up 80% of world’s net primary energy supply. However, due to the huge exposure of oil reserves in Persian Gulf after World War I, geopolitical struggles and potential conflicts surrounding fossil energy resources of the Middle East gradually emerge. Michael Klare, the author of Blood and Oil, ever makes an argument in his book that exemplifies the unexpected interaction between geopolitics and geoeconomics in current global economy (“Review of

Oil resources are the focal point of almost all international disputes in the present century as every country needs oil to power its electrical grids, run its automobiles, and operate its machinery. The vast majority of accessible oil lies in the extremely unstable Middle East, whose countries form most of OPEC and have a viable monopoly on oil production and pricing. The troubles caused by this situation thus come to no surprise as high demand and monopolistic supply give omnipotent control to the supplier.