Members of OPEC discovered the limits of their ability to collude in reducing the volume of oil they were willing to sell when the increased price of crude oil led a variety of companies to explore alternative sources of energy and consumers to conserve.

Question

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This statement is true. The increased price of crude oil led to companies exploring alternative sources of energy such as wind, solar and biofuels. Consumers also started conserving oil by driving less or using more fuel-efficient vehicles. As a result, OPEC's ability to collude in reducing the volume of oil was limited.

Members of OPEC Discovered the Limits of Their Ability to Collude