Allecia Anthony, Katherine Chassion
OPEC was created because war production increased and fewer consumer products available for purchase. with demand increasing and supplies dropping, prices seemed likely to shoot upwards. The purpose of OPEC exists to manipulate the supply of oil so the prices remain regulated in the favor of the oil producing countries. OPEC membership is open to any country that is a substantial exporter of oil and that shares the ideals of the organization. As of 2011, OPEC had 12 member countries, including founder members Iran, Iraq, Kuwait and Venezuela.
This is what it looked like after the meet of the OPEC.
The U.S. House of Representatives voted 324-84 to permit the U.S. Justice Department to sue OPEC for manipulating oil supplies and prices.
Oil · U.S. Foreign Policy · North America · Middle East · Arab World. Forty years have passed since the Arab oil embargo went into effect on.