OPEC and Their Control on Oil Prices

The sound of the ringing bell signals that the stock market is fight down for business. Shouting voices can be heard by the traders see to buy or sell stocks on the market. For some, it will be a day of financial gains, and for separates it will be a day filled with losses. There are umteen frugality issues that are determined in the rise and fall of the American stock market; one of those issues is the expenditure of oil. On some levels, the terms of oil is dictated by groups of governments that have a stake in the success of the Organization for Petroleum sell Countries (OPEC). American consumers deserve to know how OPEC and its member countries influence the price of oil around the world. OPEC controls the price of oil around the world, and a majority of the world?s oil reserves, producing 29.9% of America?s imported oil (How dependent, 2008). The Organization for Petroleum export Countries, referred to as OPEC, was created in Baghdad, Iraq, in September of 1960. B aghdad is the military position that was chosen for the original OPEC members, Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela, to come together and hold forth oil prices. Between 1961 and 2007, OPEC increased its membership when nine other countries united their forces.

Those countries, Angola, Indonesia, Socialists People Libyan Arab Jamahiriya, Qatar, Nigeria, Algeria, United Arab Emirates, Gabon, and Ecuador reportedly joined OPEC to help stabilize the oil market. OPECs Headquarters were before located in Geneva, Switzerland but in 1965, they were relocated to Vienna, Austria (Brief History, 2008). In 1973, the countries of Egypt and Syria invaded Is! rael. This snipe started The Yom Kippur War. The invasion began on October 6, Yom Kippur, the Day of Atonement. Yom Kippur is considered the most taboo of the Judaic holidays, If you want to get a full essay, smart set it on our website: BestEssayCheap.com

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