OPEC
OPEC affects the American economy. It influences the economy due to oil consumption of many Americans. We use oil in everyday life. It is used in cars and jobs all across the United States. Many machineries use oil to power our electrical appliances. Since most young Americans don't even know what OPEC is, I will give you a brief synopsis of it. OPEC is a voluntary intergovernmental organization that co-ordinates and unifies the petroleum policies of its member countries (opec.org). Open seeks to insure the stabilization of oil prices in international markets with a view to eliminating harmful fluctuations with regard given at all times to securing a steady income for all. They must also have a secure capital for those investing in the petroleum industry. OPEC was formed at a meeting held on September 14, 1960 in Baghdad, Iraq, by five founding members. These members were Iran, Iraq, Kuwaiti, Saudi Arabia, and Venezuela. The United States has never been a member of OPEC although in 1996 they produced 6.5 million barrels of oil per day, which makes it the world's third largest producer. The reason for the United States government not becoming a part of OPEC is their conflicting standpoints regarding oil
Without oil I could not lubricate and fuel my motor. The United States is the world's largest consumer of oil, consuming 17 million barrels per day, while only producing 6. Conversely, when OPEC constrains its supply prices will greatly increase to a point where demand it so low exporting becomes unprofitable. These actions affect other oil exporting countries beyond the OPEC member countries. Much like other comities on the open market, supply and demand is a major contributor to oil price. Bibliography"The OPEC WebSite. OPEC has in the past changed its production amount to counteract falling and rising oil prices. Crude Oil prices, as determined by OPEC and market fundamentals. com will be employed, making the United States both the largest consumer and producer of oil in the world.
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