Questions you will be researching for understanding
What is OPEC? Which countries belong to OPEC? What problems do these countries have getting oil out of their countries onto tankers? What geopolitical problems exacerbate these problems?
How does the price of oil affect the economy of an oil producing country? How does the price of oil affect the economy of an oil importing country?
What is the relationship between OPEC and the United States ? Describe the volume and price, supply and demand issues with this important economic player.
What is the difference in public reaction to the oil embargo of the late 1970s vs. the current rise in a gallon of gasoline today to over $2.00.
Has the war in Iraq affected the supply of petroleum to importing nations? Has it affected the price?
The issue of petroleum production affects the entire world. When you research this issue, keep in mind that what happens in this industry affects the world.