What is the OPEC Apush?
Organization of Petroleum Exporting Countries. An economic organization consisting primarily of Arab nations that controls the price of oil and the amount of oil its members produce and sell to other nations.
Why and what was Proposition 13 quizlet?
Proposition 13 (1978): A successful California state ballot initiative that capped the state’s real estate tax at 1% of assessed value.
What was the Warsaw Pact Apush?
Warsaw Pact. A military alliance formed in 1955 by the Soviet Union and its East European satellite nations. Became the counter-alliance to NATO. Both alliance systems planned action in the event of hostilities.
What was the Potsdam Conference Apush?
The final wartime meeting of the leaders of the United States, Britain, and the Soviet Union was held at Potsdamn, outside Berlin, in July, 1945. Truman, Churchill, and Stalin discussed the future of Europe but their failure to reach meaningful agreements soon led to the onset of the Cold War.
Who was in NATO?
In this agreement, the United States, Canada, Belgium, Denmark, France, Iceland, Italy, Luxemburg, the Netherlands, Norway, Portugal, and the United Kingdom agreed to consider attack against one an attack against all, along with consultations about threats and defense matters.
What is McCarthyism Apush?
964) McCarthyism. A brand of vitriolic, fear-mongering anti-communism associated with the career of Senator Joseph McCarthy. In the early 1950s, Senator McCarthy used his position in Congress to baselessly accuse high-ranking government officials and other Americans of conspiracy with communism.
What did OAPEC do in the 1973 war?
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War.
What is the declaration of petroleum policy of 1968?
It adopted a ‘Declaratory Statement of Petroleum Policy in Member Countries’ in 1968, which emphasised the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development. Membership grew to ten by 1969.
What is the OPEC Reference Basket of crude oil?
The OPEC Reference Basket of Crudes has been an important benchmark for oil prices since 2000.
What is the current status of the OPEC oil production cut?
In December 2017, Russia and OPEC agreed to extend the production cut of 1.8million barrels/day until the end of 2018.