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Term Paper Title	[Category]:
# of Words	2023
# of Pages (250 words per page double spaced)	8.09

OPEC

[Category]:

Business

[Paper Title]:

OPEC

[Text]:

Title : Gasoline

Description : 7page paper for Economics

Body of Essay :

The price of gasoline is a major interest to almost everyone in the country
and almost everywhere in the world. It seems that every month or even more
frequently, gas prices are either rising or dropping but never staying stable.
Gasoline prices are affected by many factors, including the price of crude oil
in the world market, supply and demand for gasoline, local market competition,
temporary supply interruptions, government regulations, or taxes. Gasoline is
produced by a distillation process where crude oil is heated and fumes are
captured and converted into many products such as kerosene, jet fuel, and
gasoline to name a few. Therefore the price of crude oil, which is extracted
from oil wells beneath the earth’s surface, is a major factor in gas prices.
The five leading oil producing countries and their approximate shares of the
world supply of oil are: Soviet Union 21%, Saudi Arabia 17%, The United States
15%, Venezuela 4%, and Mexico 4%. These five countries made up 61% of the worlds
oil production back in 1980. Even though the United States is a major producer
of oil, it does not make them self-sufficient. The United States uses more oil
than they can produce and must look toward foreign countries. Therefore, the
United States is forced to deal with an organization called O.P.E.C. The reason
the United States goes through O.P.E.C., is not only in its own interests, but
also in the interests of its allies and in the interest of maintaining world
peace. O.P.E.C. which stands for Organization of Petroleum Exporting Countries,
is made up of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar,
Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, and Gabon. It
controls approximately four fifths of the worlds oil reserves in the
non-Communist world. O.P.E.C. was founded in Baghdad, Iraq in September of 1960.
The headquarters were initially set in Geneva, but were later moved to Vienna in
1965. O.P.E.C. was organized in response to oil producing countries that did not
consult with the Middle Eastern oil states before lowering their crude oil
prices. The producers feared that other countries would establish monopolies.
The aim of O.P.E.C. was to create a universal price between the countries, in
order to ensure peace between oil producers throughout the world. O.P.E.C. also
wanted to pr...

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