A Rival In Consumption: Petroleum

Land, labor, and capital collectively produce wealth and power among the nations throughout the world, establishing a hierarchy of resourceful nations that instigate trade to make them more superior than ever before. For a nation and their population to prosper among the hierarchy, willing entrepreneurs and workers need to collectively establish a goal and achieve it to its maximum potential and quality, whatever it may be. A nation’s common resources are often reflective of their wealth and economic status. Of the common resources imported by the United States, petroleum is the most prioritized commodity and import in the market due to the amount demanded by firms, government, and residents in an outlook to promote economic growth and well-being.
These common resources are excludable to some degree and rival in consumption among everyone. Common resources are generally described as excludable because the majority of the resources are either in the atmosphere or embedded in Pangaea thousands of years ago and reasonably distributed to the continents of today. A country’s history with another, or in some case several countries in this age determines the distribution of resources among us based on our demand and their quote per barrel based on the economy. Putting oxygen and water aside, petroleum is the most prioritized common resource today emptying the pockets of insufficient oil bearing countries all over the world. In September of 1960, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela met in Baghdad and founded the Organization of Petroleum Exporting Countries (OPEC) in response to the Mandatory Oil Import Quota Program (MOIP), established by the U.S. government in 1959, limiting the amount of oil imported to America from any importers.
OPEC is a worldwide org ...
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