OPEC
One of the most common conceptions about OPEC, The Organization of the Petroleum Exporting countries, is that the organization is responsible for setting oil prices and causing oil shocks through inflated gas prices. People look at them as the ?bad guy? when it comes to gas inflation. Does OPEC really have the power to effect the economy so greatly with their decisions Using the famous quote of (???) are all our ?eggs all in one basket? with leaving the future of this valuable product in their hands Are we headed for another oil shock Looking at how OPEC is structured and how they come to these decisions we can see how they effect the economy.
OPEC was created at the Baghdad Conference in Iraq in September 1960. The founding members of the organization were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Eight other countries later joined these five countries: Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria and Ecuador and Gabon who both withdrew from the organization between 1992 and 1994. All member countries use oil as a main source of income and need careful regulation of their scare resource. The objective is to co-ordinate and unify petroleum
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