Rise of postwar petroleum order

The prize chapter 26 summary

Then it barred US companies from selling products in exchange for sterling in countries outside the sterling area. Secretary of State, January 21, to January 20, British exports in were at one-third their level, and its stock of foreign direct investment fell in this period by some 4 billion pounds Gardner, p. While demand was increasing, supply was not decreasing as expected, due to new discoveries in the US and even Canada, near Edmonton in the province of Alberta. What was encouraging the use of oil post WWII? The second was the excess supply of oil in the international market, due to the fall in demand after World War II and successful oil exploration in the Middle East and Dutch East Indies. It has, therefore, actively supported the efforts of United States petroleum interests to secure and to consolidate concessions abroad.

One product, kerosene, became popular as a cheap, clean fuel for lighting homes. Saudi Arabia was clearly the dominant focus of American policy makers, and the two countries were forging a unique new relationship with solid assurances or guarantee of US interest in the preservation of the territorial integrity and independence of Saudi.

George C.

the prize chapter 27 summary

In particular, the paper analyzes US oil policy during the Marshall Plan. In other words, we have got to export three times as much as we exported just before the war if we want to keep our industry running at somewhere near capacity.

Thus, the Iranian crisis of became the first major East-West confrontation of the Cold war.

the prize chapter 25 summary

The concerns enhanced technological innovations in exploration and development that allowed drilling to greater depths with increased production. Here the delicate dance began for American oil companies to have access to the oil of Saudi Arabia.

The answer was found in natural gas that was considered a useless, inconvenient by-product of oil production and was burned off or flared. The oil, however, had to be imported, which made it both part of the solution and also part of the problem, as price became a contentious matter.

What is striking however is how gender roles and consumerism contributed to the marginalization of women during the postwar era given their input and sacrifice that led to the economic boom.

the prize chapter 22 summary

The British restrictions on US oil companies had an immediate impact. Despite expectations that the European economies might recover in the absence of major government intervention, by it appeared that the situation was getting worse.

The prize chapter 23

Prior to the Oil Agreement, the main obstacle to US investment in this region was the already well-established British presence. How did the Americans play a role? Americans were very much aware of energy dependence on Middle East and how security of supplies could be assured in a future conflict, and some argued for importing more oil in peacetime in order to preserve domestic resources for wartime. The Babylonians — modern day Iraqis — used oil to waterproof their boats and as mortar in building construction. These dollars were then redistributed among the Commonwealth countries, with Britain allotting the largest share to itself. Japan emerged as a significant power in many economic spheres, including steel working, car manufacturing and the manufacturing of electronics. As they arrived other immigrants who settled in were anxious about the blacks coming into their neighborhoods, businesses and schools as they were only adjusting to the city.

The service sector grew rapidly and became the largest sector, generating a large foreign-trade surplus, chiefly from the earnings from tourism.

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The United States, Britain and the Marshall Plan: oil and finance in the early postwar era*