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OPEC raised the price to consumers, made a fantastic amount of money, and has survived for years. Today, in United states it can appreciate that base on political swift the organization has benefit and maximized their earning, because the internal cartel lead by: Exxon,
Chevron and Conoco-Phillips had influence the political atmosphere to benefit their domestic price decisions. It is clear that OPEC is a profit-maximizing cartel.
a) Before OPEC seven major oil companies (The Seven Sisters) kept the price of oil the competitive level by restricting output.
b) OPEC is formed with five major exporters in September 1960
c) From 1960 to early 1970 the price declaimed, because increase of competition by independent oil companies...
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