Geo Midterm - Elliot
Terms
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- Oil concessions/concessionary
- exclusive license granted by a host country for an oil company to explore and drill in the a certain area; the host country grants the oil company the rights to all oil production in exchange for payment of bonuses, rentals, royalties, and taxes.
- Concessionary economy
- an economy whose main source of revenue derives from a few natural resources (ie crude oil reserves) through an extractive process of concessions. ie Nigeria
- OPEC
- Organization of the Petroleum Exporting Countries est. 1961. Arab members of OPEC alarmed the developed world when they used the “oil weapon†during the Yom Kippur War by implementing oil embargoes and initiating the 1973 oil crisis.
- Peak oil
- Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline.
- Cartel
- formal organization of producers that agree to coordinate prices, marketing and production, in order to minimize competition and maximize profits
- Resource nationalism
- tendency of people and governments to assert control over natural resources located on their territory.
- Natural resources
- resources that occur naturally in a particular environment or area.
- Gas flaring
- the release of waste gas by pressure relief valves during unplanned over-pressuring of plant equipment, through vertical pipes or stacks.
- Seven sisters
- refers to seven private oil companies that dominated mid 20th century oil production, refining, and distribution. (Exxon, Mobil, Chevron, Texaco, Royal Dutch Shell, Gulf Oil, and Anglo-Persian Oil Co.)
- New seven sisters
- the current most influential and mainly state-owned national oil and gas companies. (Saudi Arabia, Russia, China, Brazil, Iran, Venezuela, Malaysia)
- Resource curse
- same as paradox of plenty
- Dutch (Oil) Disease
- theory that an increase in revenues from natural resources will deindustrialize a nation’s economy by raising the exchange rate, which makes the manufacturing sector less competitive.
- Patronage politics
- the use of state resources to reward individuals for their electoral support; sometimes legal, sometimes symbolic of corruption.
- Petrochemical
- chemical products derived from petroleum.
- Uneven distribution
- the geological occurrence that oil reservoirs are plentiful in some places on Earth but not in others.
- Oil complex
- the international restructuring of the current political economy of the oil industry over the last 40 years. ("The Big Shift")
- International versus national oil companies
- Old Seven Sisters vs. New Seven Sisters, respectively.
- Horizontal integration
- when a firm is being taken over by, or merged with, another firm which is in the same industry.
- Vertical integration
- Vertically integrated companies in a supply chain are united through a common owner.
- The Big Five
- The "supermajor" multi-national oil companies that still control 14% of oil reserves in the world. (Exxon-Mobil, Shell, BP, and Chevron)