Want this question answered?
It increased.
OPEC
OPEC siege happened in 1970.
OPEC controls most of the worlds oil source.
Filling up your Hummers and Pickups becomes a hell of a lot more expensive!
OPEC charges what the market will allow. It regulates the price by regulating the supply.
OPEC
OPEC
OPEC was formed between September 10-14 1960, and was in effect January 1961.
OPEC has put too much oil on the market.
OPEC influences the price and availability of oil and gas.
The characteristics of OPEC are:products must be homogeneous.The products must have a low price elasticity of demand.