Report to the Subcommittee on the Near East and South Asia, Committee on Foreign Affairs, House of Representatives: a Summary of European Views on Dependency of the Freee World on Middle East Oil1973 - 19 pages |
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absorb Abu Dhabi agreement Alaskan billion central banks Clean Air Act consumer nations consuming countries cooperation crude oil currency demand dependency on Middle develop dollars economic energy crisis energy sources European bankers European views exports financial markets Frankfurt staff free world free world's Fund GAO's German marks governments increasing international financial international mone international oil companies Investing in productive Iran Iraq Israel Japan Kuwait legislative or regula Libya limit production liquid assets ment Middle East countries Middle East oil monetary reserves negotiations and European OECD official thinking--may officials interviewed oil countries Oil negotiations oil revenues oil riches oil shale oil sources oil supplies oil wealth oil-consuming oil-producing countries oil-related OPEC percent price of crude problem producing countries productive enterprises Qatar questioning for witnesses recent refined refinery capacity Saudi Arabia shale shortages Soviet Union SUGGESTED QUESTIONS surplus tar sands tary scene tion U.S. oil reserve United Western
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Page 8 - COUNTRIES UNITING AND TAKING CONTROL A number of the world's major oil-producing countries have pooled their power in a group called the Organization of Petroleum Exporting Countries (OPEC) . These countries which control 85 percent of the oil available for export to the free world are: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and Venezuela. OPEC's primary accomplishments have been to deter price competition among themselves, increase profits, conserve...
Page 8 - ... supplies already under contract. However, these supplies from the same sources will dwindle and the interstate pipelines may have difficulty finding replacement supplies from new reserves. Accordingly, the amount of gas available for shipment into interstate commerce will gradually grow less and less. If the price of natural gas at the wellhead is fixed by the Federal Power Commission, it will gradually reduce the amount of gas being shipped into interstate commerce. The consumer will have to...
Page 10 - OECD is also seeking a comprehensive energy policy for its members to cover such issues as European dependency upon imported oil, US competition for oil sources and products, and the impact of United StatesIsraeli relationships upon Arab oil sources.