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Kuwait, Iraq, Iran, Saudi Arabia and Venezuela joined together to form OPEC.
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Sheik Zayed bin Sultan Al Nahyan became the ruler of Abu Dhabi. In, 1971 he founded the United Arab Emirates.
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OPEC launched an embargo against the U.S because they were upset with their involvement in the Israeli-Palestinian conflict. The embargo caused the oil prices to nearly quadruple. Oil went from about three dollars per barrel to about twelve dollars per barrel in 1974.
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Arab Embargo ends, International Energy Agency (IEA) founded.
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Hundreds of billions spent on developing Saudi arabia, UAE, and Abu Dhabi ect. It is very important to decrease their dependancy on oil to ensure a stable economy. Increasing tourism and education.
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Due to panic, oil prices have increased from $13 to around $34 per barrel. From 1979-1981
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At the time the Hyatt was one of the most modern hotels in the middle east.
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The UAE anouces that it will spend around billions of dollars on Military equiptment from the USA.
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From 1990 to 1997 world oil consumption increased 6.2million barrels per day.
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Fluctuations during certain crises.
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The UAE became the sixth largest oil company in the world. This results in the UAE having great influence on the oil and gas prices worldwide.
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