POLS2094 Lecture Notes - Lecture 9: Royal Dutch Shell, Petrodollar Recycling, Market Power
Document Summary
Oil double the thermal content of coal so that boilers could be smaller and ships could travel twice as far. Oil could be stored in tanks anywhere transferred through pipes without stokers. Market power consumers and producing countries. The international oil cartel 1928 between royal dutch shell, standard oil of new. Jersey (exxon) and anglo-persian oil (bp) agreed to divide future markets among themselves according to the shares of the market held. Membership increased to include other major companies the seven sisters. Oil the largest commodity in world trade. Us producing two-thirds of the (cid:449)orld"s oil a(cid:374)d (cid:373)ost of o(cid:448)erseas oil also u(cid:374)der u companies. Oil bought and sold in dollars reinforced position of dollar under bretton-woods. B(cid:455) the late (cid:1005)9(cid:1010)(cid:1004)s, the u had go(cid:374)e fro(cid:373) (cid:271)ei(cid:374)g the (cid:449)orld"s (cid:271)iggest oil produ(cid:272)er at the end of ww2 to the world biggest importer. Need for us/western alliances with middle east.
