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What method does 'OPEC' use to raise the price of oil?
OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
Why was OPEC created?
To regulate petroleum prices around the world.
What lead to oil embargo by OPEC?
OPEC wanted to raise the price of oil, so they used the supply /demand theory to get what they wanted. They held back the oil and raised the demand for it.
In 1971 which government raised its price of oil thus resulting in other OPEC countries doing the same?
Libya
The US trade deficit first became a problem in the 1970s because .?
The price of foreign oil was raised by OPEC.
What does the organization do OPEC?
OPEC was created so that the prices for oil could be unified. it was also created so that the producers of the oil have a stable price as well.
What caused the US energy crisis in 1973?
The OPEC nations dramatically raised oil prices.
Why was OPEC created?
To regulate petroleum prices around the world.
What method does 'OPEC' use to raise the price of oil?
OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
Why have the oil prices raised?
Because of ever expanding demand, it makes it harder OPEC to sell us enough. As demand for oil increases so do the prices.
What lead to oil embargo by OPEC?
OPEC wanted to raise the price of oil, so they used the supply /demand theory to get what they wanted. They held back the oil and raised the demand for it.
What would happen to OPEC if a new fuel was developed at cheaper in price?
If a new, cheaper fuel was developed, it would greatly affect OPEC. OPEC would probably have to lower its prices in order to remain competitive.
In 1971 which government raised its price of oil thus resulting in other OPEC countries doing the same?
Libya
The US trade deficit first became a problem in the 1970s because .?
The price of foreign oil was raised by OPEC.
How did the organization of petroleum exporting countries OPEC oil embargo of 1973 most affect individuals in the us?
It raised gasoline prices.
How did the Organization of Petroleum Exporting Countries (OPEC) oil embargo of 1973 most affect individuals in the US?
It raised gasoline prices.
Benefits of OPEC?
The OPEC is a body that links the major oil producing countries and provides a framework of how they will do the production and marketing. It gives them collective bargaining to get the best prices.
