Oil: International Evolution

Course Description

Oil is the world's most important commodity. Access to oil was decisive in the great military struggles of the 20th century. The economic and strategic value of oil has led to the evolution of a fascinating array of business, political, and strategic alliances around the world. The objective of this course is to describe this evolution and the technological, commercial, and political innovations shaping its current face. This knowledge is vital in achieving a more complete understanding of the role of oil in international affairs and economic development. The course begins with a discussion of the development of the American and European oil industries during the 19th century and the formation of the first great industrial oil monopolies. The emergence of oil as a strategic commodity prior to and during World War I will then be discussed. The economic and technological reasons for the recurring boom-bust cycles of oil markets and the political arrangements developed to cope with their effects is the third major topic of the course. The focus then shifts back to military affairs with a discussion of the role of oil in the battles of World War II. We then examine the social and cultural roots of the post-war dissolution of company ownership and the nationalization of oil reserves. Also in the policy arena is a discussion of the policy response of western governments to a growing dependence upon low-cost oil from the Middle East, Africa, and South America. The analysis then focuses on the ideology and strategy behind the formation of the Organization of Petroleum Exporting Countries (OPEC) and the motivations and execution of their strategies to drive up oil prices during the 1970s and early 1980s. The last part of the course discusses the emergency of oil as a commodity traded in open commodity market exchanges, the development of reserves in deep water and in Africa, and the relationship between oil policy and the war on international terrorism. Allowing students to gain a new perspective on global relations, and domestic politics. By the end of the semester, students will have broad understanding of oil and its pervasive impact on society over the years, better writing ability, and improved critical reading and thinking skills. This general education course will provide a multi-disciplinary approach to understanding how oil affects international relations and commerce. The relationships between oil technology, social and political institutions, and the unique cultures in oil-producing regions.

Code

EGEE 120

Credits

3

Subject

EGEE

Programs That Include This Course

• Bachelor's Bachelor of Arts in Energy and Sustainability Policy
• Bachelor's Bachelor of Science in Energy and Sustainability Policy
• Bachelor's Bachelor of Science in Energy Business and Finance
• Minor Minor in Energy Business and Finance
• Minor Minor in Entrepreneurship and Innovation