AIM: How has the importance of petroleum played a role in the recent history of the Middle East?

Do Now: Gas prices have nearly doubled since 2003. It is currently at $3.25 per gallon. If the pattern continues, how much will a gallon of gas cost when you get your driver’s license in 2011?

Minimum wage was $5.15 an hour in 2003. It is currently $5.85 and hour. If this pattern continues how much will minimum wage be in 2011?

HW: Research the alternative energy sources (solar, wind, ethanol, & bio-diesel). Explain the pros and cons of each.

Petroleum Politics

I. OPEC – Organization of the Petroleum Exporting Countries1. Created in 1960.

A. Very important in the 1970s.2. Headquarters in Vienna, Austria.3. Goal =

A. Coordinate petroleum policies & pricesB. Protect members’ interests by providing steady

income to member countries.

II. Persian Gulf War (1990)1. Saddam Hussein invades Kuwait.

A. Wanted its oil. 2. United States forms a coalition against Iraq.

A. Combat lasted 5 weeks.B. Iraq agreed to a cease-fire.

World Oil Reserves in Billions of Barrels

1. Saudi Arabia265.3

2. Iraq 1153. Kuwait 98.84. Iran 96.45. United Arab Emirates 62.86. Russia 54.37. Venezuela 47.68. China 30.69. Libya 3010.Mexico 26.911.Nigeria 24.112.United States 2213.Algeria 12.714.Norway 10.115. Indonesia 9.716.Angola 917.Brazil 8.518.Oman 5.819.Canada 5.620.Qatar 5.6