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Although lacking historical connections to the Middle East, Japan was the country most dependent on Arab oil. 71% of its imported oil came from the Middle East in 1970. On November 7, 1973, the Saudi and Kuwaiti governments declared Japan a "nonfriendly" country to encourage it to change its noninvolvement policy.
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.
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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.
The Confederation Congress later endorsed this convention "for the sole and express purpose of revising the Articles of Confederation". Although the states' representatives to the Constitutional Convention in Philadelphia were only authorized to amend the Articles, delegates held secret, closed-door sessions and wrote a new constitution.
Oil prices rose above $91 a barrel Monday as diplomatic efforts to address the crisis in the Middle East intensified, but slipped back later in the day, falling below $90 on reports that that US ...
U.S. Marines on guard duty in April 2003 near a burning oil well in the Rumaila oil field of Basra, Iraq, following the 2003 U.S. invasion and during the Iraq War.. United States foreign policy in the Middle East has its roots in the early 19th-century Tripolitan War that occurred shortly after the 1776 establishment of the United States as an independent sovereign state, but became much more ...