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| a man of enormous wealth, power, and pride, and was stepping into pivotal new roles in the Middle East and on the international stage |
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| Prime Minister Harold Wilson |
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| in order to “balance payments, announced that Britain would end its defense commitments east of the Suez and remove all military by 1971—also a result of nationalism |
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| attempted to deal with the new political and economic constraints American power by depending upon strong, friendly local powers as regional policemen |
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| looked to take Britain’s place, which Nixon supported |
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| banned coal from the city |
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| • his efforts eventually led him to become the largest individual land owner in the U.S. |
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• 1942 traveled to New Mexico and took over a refinery
• moved into exploration and became one of the better known independents in the business |
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| Prudhoe Bay State #1/New Mexico |
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| 3rd largest producing field in the world after Saudi Arabia and Kuwait |
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o father was one of the founders of the American Communist Party; however, he did not share his father’s socialist tendencies
o traveled to Russia and encouraged to stay to do business |
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bought Sinclair making the 3 big players in the North Slope
Jersey, ARCO (became 7th largest company in U.S.), and BP |
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800 mile pipeline that would end up in the port of Valdez, travel by tanker thought the Prince William Sound, and onto the marker
• benefits = it was an all American route and therefore secure; it would only have to deal with 2 |
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o Built of ARCO, BP, Jersey, plus companies with very small positions in the North Slope
o Problems:
• Slowed by claims y Eskimos and Alaskan natives as well as ‘wrangling’ among partners
• Stopped by 1970 federal ct. junction: environmental groups felt the pipeline was moving too fast and companies were not paying enough attention to the potential risk that they could pose to the environment
• Environmentalist felt the Canadian route for the line was much better, even if they had to deal with the Canadian gov.
• Other groups thought that Alaska should be preserved for its unique environment and that the oil wasn’t needed |
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| leader of a group of radical young officers seeking to take over the weak Libyan government |
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| o “a modern Marcus Samuel |
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o successfully gained concessions in Libya by writing the contract on sheepskin manuscripts and wrapping it in red, black, and green ribbon—Libya’s flag colors
o 1966, after a few dry holes, Occidental (Oxy) struck one of the most prolific deposits in the world
o discovery attributed to seismic technology which Mobil (who had originally had the concession) did not have before |
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leader of a group of radical young officers seeking to take over the weak Libyan government
o Decided to model lives after Nasser, and believed that only through military academy could political power be won |
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| Nasser's boo that Quaddafi was inspired by |
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• was a born conspirator like Nasser; he intended to make himself not only the leader of, but the very embodiment of the Arab world—pg 559
• Goal was to overthrow the current gov.
• Shut down the British and American military bases
• Expel the large Italian population
• Closed all Catholic churches, ordered their crosses removed and then auctioned off their contents |
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| Revolutionary Command Council: |
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• Goal was to overthrow the current gov.
• Shut down the British and American military bases
• Expel the large Italian population
• Closed all Catholic churches, ordered their crosses removed and then auctioned off their contents |
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was the only company with no concessions elsewhere—therefore, they were most vulnerable
Qaddafi ordered them to reduce production by 300,000 barrels per day |
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| was now advising the revolutionary government on how to handle oil situations |
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decisively changed the balance of power between the governments of the producing countries and the oil companies”—pg 562
• it not only abruptly reversed the decline in the real price of oil, but also reopened the exporters campaign for sovereignty and control over their resources
• it was the same plight as OPEC a decade earlier
• it marked the beginning of retreat for the oil companies |
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| , the Exxon director responsible for the middle east |
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| , a lawyer, director of BP, and son of William Fraser. |
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| refused to meet collectively, they made the Front Uni meet with a select group of countries that could only speak for the country they represented, not the entire " " |
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| • Iranian Finance Minister |
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| • Saudi Arabian Oil Minister |
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55% minimum, raised barrel price by $.35, promised not to increase price for 5 years
o Mediterranean committee met in Tripoli
• Libya—Major Jalloud
• Algeria
• Saudi Arabia
• Iraq |
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| $.90 per barrel—increased revenues by nearly 50%. This agreement infuriated the Shah |
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o American diplomat who had been an economic officer at the U.S embassy in Baghdad a decade earlier, when OPEC was formed
o 1970s petroleum officer in the U.S. embassy in Tripoli
o believed the international petroleum order had been changed for good
o believed the U.S. and its allies along with the oil industry were simply unprepared intellectually and politically to deal with the changed balance of power in the petroleum situation—page 569 |
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