The Organization of Petroleum Exporting Countries (OPEC) cartel had its biggest impact on oil prices in the 1970s and 1980s.

Question

Quizplus · Accepted Answer

This is true. OPEC's price manipulation and embargo in the 1970s caused oil prices to quadruple, and the cartel continued to influence prices through the 1980s. While OPEC still plays a significant role in the oil market, its ability to control prices has diminished in recent years due to the growth of non-OPEC oil producers and the rise of alternative energy sources.

The Organization of Petroleum Exporting Countries (OPEC) Cartel Had Its