Glossary of Geo Midterm - Elliot

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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
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.
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.
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)

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