International Oil Production and Consumption Environment in 2002

The 1979 oil embargo coincided with the smooth of the disposal of the Shah in Iran, and both political and economic motivations were relevant in the conduct of the embargo.

Moving forward to the 21st century, the masses of Arab oil producing nations in general feel rage toward the United States because of generally uncritical American support for Israel in the Israeli-Palestinian dispute. Saudi Arabia's leadership proclaim

ublicly that they will non use the so-called oil weapon. The United States, however, is more open on foreign oil in 2002 than it was in the 1970s.

major(ip) differences between the situation in 2002 and the situation in the 1970s, however, atomic number 18 that (1) the Organization of Petroleum Exporting Countries (OPEC) is not a fast in 2002 as it was in the 1970s and (2) the United States has new(prenominal) source of oil [e.g., Colombia, where the United States is supporting a government in its fight against rebels, and Russia, a country in dreadful nee
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