Oil, Hard Power and U.S. Hegemony
Dublin Core
Title
Oil, Hard Power and U.S. Hegemony
Description
In late 2014 and early 2015, the United States dramatically increased its presence in the oil market. This tremendous increase in production, which placed the United States ahead of every OPEC country besides Saudi Arabia, caused a global change in supply and demand that dropped the price of crude oil to $58 per barrel. This translated to an average gasoline price of $2.55 per gallon nationally on Dec. 15, 2014. The price drop reverberated throughout the global economy, affecting countries from Malaysia to Norway. In Venezuela, for example, it is estimated that a one dollar drop in the price of oil will cost the country approximately $770 million in annual revenue. The United States’ decision to act influenced the entire world, and this is no surprise – economic control is just one of the many facets of hard power and hegemony.
Creator
Nelson, Joshua
Source
Pitt Political Review; Vol 11, No 2 (2015); 35-38
2160-5807
Publisher
University Library System, University of Pittsburgh
Date
2017-10-13
Rights
Copyright (c) 2017 Joshua Nelson
https://creativecommons.org/licenses/by-nc-nd/3.0/us/
Relation
Format
application/pdf
Language
eng
Type
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Identifier
Collection
Citation
Joshua Nelson, Oil, Hard Power and U.S. Hegemony, University Library System, University of Pittsburgh, 2017, accessed November 22, 2024, https://igi.indrastra.com/items/show/649