Gulf War Depressed prices, largely caused by high production by the Arab Gulf states and Saudi Arabia, also contributed to Ecuador’s withdrawal from OPEC in 1992 Owing to increased demand by burgeoning Indian and Chinese economies and ongoing wars in Afghanistan and the Middle East, the price of oil reached $60 per barrel in 2006 and prices continued to rise High prices resulted in huge profits for Western oil companies as well as for the oil-producing nations In one quarter of 2006 Exxon-Mobil, the world’s largest petroleum corporation, posted profits of over $7 billion Although governments talked about cost control measures, alternative fuel sources, and conservation, few practical programs were adopted either in the Organization of Petroleum Exporting Countries 329 West or in Asia Thus it remained certain that petroleum would continue to be the world’s primary energy source for the foreseeable future See also Gulf War, Second (Iraq War) Further reading: Alnasrawi, Abbas Arab Nationalism, Oil and the Political Economy of Dependency New York: Greenwood Press, 1991; Amuzegar, Jahangir Managing the Oil Wealth: OPEC’s Windfalls and Pitfalls London: Tauris, 2001; Blair, John M The Control of Oil New York: Vintage Books, 1978; Yergin, Daniel The Prize: The Epic Quest for Oil, Money, and Power New York: Simon and Schuster, 1991 Janice J Terry