PrimeMinisterNetanyahushortenedhistriptotheUS, thoughafter a rocketwasfiredfromthePalestinianterritoryofGazaMondaymorning, ithit a houseincentralIsrael, injuringsevencivilians. 30
Itsreputationtocontrolglobaloilmarketsinthe 1973 oilcrisisbasicallybecausesomeofthemembersofOPECputanembargoontheUnitedStateswth e suddencutoffofoilfromtheMiddleEastturnedtheseriousenergyshortagesweexpectedthiswinterinto a majorenergycrisis. 59
IftheothermembersjoinedSaudiArabiaandactuallystucktotheirproductionquarters, theycouldchangethepriceofglobaloil, butquite a bit. 62
ButtheproblemisthatothermembersofOPEChavetheincentivetocheatbecausethey'reproducingconsiderablylessandatthemargintheyneedthemoney a lotmorethanSaudiArabia. 63
OPEC's powerhadbeenslippingfordecades. 64
ThencameAmerica's frackingrevolution. 65
Before 2008 theUnitedStatesimportedmostofitscrude, buttechnologicalinnovationallowedUScompaniestotapintovastshaleoilreserves. 66