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West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices). In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack ...
The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies. [5] The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world.
The Achnacarry Agreement or "As-Is Agreement" was an early attempt to restrict petroleum production, signed in Scotland on 17 September 1928. [1] The discovery of the East Texas Oil Field in the 1930s led to a boom in production that caused prices to fall, leading the Railroad Commission of Texas to control production.
Risks are rising in the Middle East, Roubini said, where conflict between Israel and Palestine has spilled into the region and could prompt an armed response from Iran, one of the world's top oil ...
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m 3).
I really didn't think this would become a series. Through the years, I've written a number of Motley Fool articles dealing with the shaky politics prevailing in the world's oil-producing countries.
This article was written by Oilprice.com -- the leading provider of energy news in the world In recent history the Middle East has always been an area of turmoil, where wars came and went and ...
Trans-Arabian Pipeline Map. The Trans-Arabian Pipeline (Tapline), was an oil pipeline from Qaisumah in Saudi Arabia to Sidon in Lebanon, active 1950–1976.In its heyday, it was an important factor in the global trade of petroleum, as well as in American–Middle Eastern political relations, while locally helping with the economic development of Lebanon.