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

Citation

Joshua Nelson, Oil, Hard Power and U.S. Hegemony, University Library System, University of Pittsburgh, 2017, accessed November 6, 2024, https://igi.indrastra.com/items/show/649

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