14 Arab Oil Embargo

Question 1

Why was right-turn-on-red introduced in the US?

Answer 1

in 1973 to save gas.

Question 2

How much did the price of gasoline increase in the US in less than a year?

Answer 2

Quadrupled

Question 3

In 1955, what was the estimate of how much of the global oil was in the Mideast?

Answer 3

75%

Question 4

When was OPEC founded?

Answer 4

1960

Question 5

What was OAPEC?

Answer 5

Org of Arab Petroleum Exporting Countries founded in 1960

Arabs - 11 members, 6 of whom belong to OPEC

Question 6

What happened in 1973?

Answer 6

Sadat and Faisal met in secret.

Question 7

What did they agree on?

Answer 7

If the west supported Israel in the A-I war, they would use oil as a weapon.

Question 8

How long did the embargo last?

Answer 8

243 days

Question 9

Where did the world stand with oil then?

Answer 9

Supply just equaled demand.
Purchasers dictated the price.

Question 10

What was unique about the 1973 embargo?

Answer 10

Saudi Arabia joined in.

Question 11

What had changed?

Answer 11

The US needed Mideast oil more than ever.

Question 12

How did Saudi Arabia fit in?

Answer 12

21% of world exports of oil

Question 13

What did Roosevelt and ibn Saud agree to in 1945?

THe Quincy agreement

Answer 13

Saudi would provide the US an air base and access to oil.
US would train Saudi military.

Question 14

What other control did MidEastern countries have?

Answer 14

3 choke points in shipping.
There are only 7 in the whole world

Question 15

What are the 4 choke points not in the MidEast?

Answer 15

Question 16

What are the 3 in the MidEast?

Answer 16

1. Gulf of Hormuz
2. Bab-el-Mandeb (Aiden)
3. Suez Canal

Question 17

When was the second oil shock?

Answer 17

The 1979 revolution in Iran.

Question 18

Who ruled Iran after the revolution?
What did he declare?

Answer 18

Ayatollah Khomeini
That Iran was a Islamic state

Question 19

What happened to oil?

Answer 19

Production dropped only 4% but prices doubled.

Question 20

What happened between 1980 and 1989?

Answer 20

The Iran-Iraq War

Question 21

What were they fighting over?

Answer 21

Oil-producing lands

Question 22

What did this trigger globally?

Answer 22

A global recession.

Question 23

What happened between 1984-1988 that affected the shipping lanes?

Answer 23

The Tanker War
Iran and Iraq attacked each others tankers

Question 24

Why did the Tanker War happen?

Answer 24

Saddam Hussein had not done well in land war so attacked Iraq’s ships.

Question 25

What was Hussein hoping?

Answer 25

That the US would participate.

Question 26

How did Kuwait respond?

Answer 26

It had the ships redrawn as US ships so that they would be escorted by the US

Question 27

Why did Iraq invade Kuwait in 1990?

Answer 27

It gave them control of 20% of world oil reserves.

Question 28

Why did the US get involved?

Answer 28

Because Iraq may go after Saudi oil.

Question 29

How did the 2010 Arab Spring effect oil?

Answer 29

Global worries about oil supply.

Question 30

What did it **not **mean to be an oil-rich nation?

Answer 30

It didn’t create many jobs.
It brought in foreignors.

Question 31

Who gained in the oil-rich countries?

Answer 31

The ruling families

Question 32

What did this create?

Answer 32

Bread riots and other protests

Question 33

What did this create?

Answer 33

Terrorists groups.

Question 34

What is this called?

Answer 34

The Oil Curse

Question 35

When did oil prices peak?

Answer 35

2008 [To this day]

Question 36

What are the top 5 **oil reserve **ME/NA countries?

Answer 36

Saudi, Iran, Iraq, Kuwait, UAE

https://www.thoughtco.com/middle-east-oil-reserves-by-country-2353411#:~