OPEC

By:Ester & Yeni

summary

Organization of Petroleum Exporting Countries (OPEC).Is an economic association of oil-producing nations that is able to set oil prices.This organization during 1960s gradually raised oil prices.Egyp and Siria they stopped selling oil to the United States.During 1973 and 1974 some factories and school closed.When OPEC selling oil again to the US, the price had quadrupled.

Two main reasons OPEC was created.

The first reason OPEC was created was because more government spending on social programs and the war in Vietnam raised prices. The second main reason was the nations need for foreing oil.The United States received much of its oil from the Middle East.Many of these countries belonged to a cartel.