BA Video http://abcnews.go.com/video/playerIndex?id=2734 335 http://abcnews.go.com/video/playerIndex?id=2734 335
Economy of Persian Gulf Region Oil/natural gas production essential to economies in Persian Gulf Region Oil wealth has modernized economies of the region Many still live rural/traditional lives Most farmers practice subsistence agriculture Nomadic herders called Bedouins live in dry areas Bedouins move goats, sheep, camels in regular routes as the seasons change
OPEC OPEC --- Organization of Petroleum Exporting Countries Purpose: influences oil prices by controlling supply By reducing/increasing oil production, it can affect the economies of countries worldwide OPEC accounts for 2/3 of the world’s oil supply OPEC’s power has diminished due to oil supplies in Alaska, the Gulf of Mexico & in Russia
OPEC continued 1973----Arab oil embargo Arab countries upset @ the U.S. & Western Europe for support of Israel Arab countries create the Organization of Arab Exporting Countries ---- place an embargo on Western Europe & the U.S. for their support of Israel Non-Arab members of OPEC did not go along w/ embargo Oil prices in the U.S. rose dramatically, shortages of gas
Members of OPEC (You do not have to write this down) Algeria Angola Ecuador Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia
Economy of Eastern Mediterranean Region Eastern Mediterranean economies rely heavily on agriculture Most irrigation systems in region are small canals that run directly to the fields Turkey has built irrigation canals/dams on the Tigris/Euphrates rivers to help w/ farming PROBLEM: Syria/Iraq resent Turkey b/c it is reducing the amt. of water downstream to them
Economy of Eastern Mediterranean Region continued Israel is the most technologically advanced country in the Eastern Mediterranean region Diamond cutting is also a major industry in Israel Most diamond cutting factories are in Tel Aviv Polished diamonds are Israel’s leading export Turkey is the 2 nd most developed country in region Textile industry imp.
Economy of Eastern Mediterranean continued Tourism is also a major industry in the Eastern Mediterranean region Imp. places to visit include: Turkey --- Ottoman palaces/carpet markets Israel --- religious sites/Bethlehem/Jerusalem/Dead Sea