| Show Charles Issawi Puts I to it World Oil Supply 1 In Economic Perspectives By using Issawi's Law where there are Moslems there will be oil Charles Issawi said that he was able to predict the discovery of oil in North Africa years before it was actually With this tongue in cheek recapitulation of his who is professor of economic history and director of the Near and Middle East Institute at Columbia began his discussion of the changes taking place in Middle East oil in the world economy last Thursday evening In Spencer Hall The four main producers of according to are the and the Middle The relative positions of these four suppliers were described by Issawi as the U.S. is a but rapidly increasing importer of the is a but rapidly increasing exporter of Venezuela is a large exporter of oil and meets the needs of importers from the western hem-I and the Middle East is I a large exporter to the eastern hemisphere outside of the bloc and is exporting to the ern hemisphere to a larger larger The and Canada- are the only industrially devel-d countries which have oil in significant je stated The he was on coal and occurred In countries which had plentiful plies of Issawi 3 can be the basis for Bi a new industrial revolution in 1 still underdeveloped The Middle East's share of world oil production has been greatly in recent to Before World he the Middle supplied of the world oil in 1950 it and in In describing the of the oil Issawi that it is 1 and lends itself to big units 1 monopolistic A major characteristic of Mid-f 1 die East Issawi is that the oil is produced at die East costs and sold for United j States Tremendous profits result from such a 11 Issawi Issawi also illustrated the tremendous difference in the cost i of producing oil in different 0 The cost in he 20 cents per in the Middle East 80 cents per and in the United States The reasons behind differences are geology and the J types of concessions In i the Middle East the crude oil are huge and the gas pressure is J I such that the oil can be by free flow and there is no for In Venezuela and Middle which follow Romany law and Moslem law the sub-soil belongs to the state 1 and the companies can obtain ex- rights to huge tracts In the United which i I follows Anglo-Saxon he con- j J the sub-soil belongs to the 4 j owner of the surface This 3 type of law has resulted In a where the cost has because of the large number of wells drilled and the productivity h j has been low for the same j he J |
