A famous cartel that dramatically increased the price of oil in the mid-1970s was

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OPEC, the Organization of the Petroleum Exporting Countries, is a cartel composed of 13 oil-producing countries that control a significant portion of the world's oil supply. In 1973, OPEC countries imposed an oil embargo on the United States and other countries that supported Israel in the Yom Kippur War, leading to dramatic increases in the price of oil. This caused a global energy crisis and had significant economic and political implications.

A Famous Cartel That Dramatically Increased the Price of Oil