Economics

Running Head : OPEC - The brass of Petroleum Exporting CountriesOPECEssay WriterThe Organisation of Petroleum Exporting Countries has just now become the most pop name related to oil colour , overnight . Today the countries are thoroughly dependent on its operations , and without OPEC , it can be a nightmare for all of them . OPEC has got a sheer tycoon to operate the governments of various countries . Regardless of the fact that there maintain been all sorts of ups and downs in oil production , OPEC still has got a firm control on the oil supply of the drop world . The weaker nations are all lucky to call for a victuals of OPEC as well as stronger , the weaker nations get the support from the stronger ones all beca social occasion of an operating body worry OPEC . OPEC has found its geopolitical strength and has realised its power suddenly and has become an classical push up playing an important part in regions like Asia and Africa . It has brought the huge multinational oil companies under control who could take aim done so many wrong acts otherwise , save now they all are on their knees , OPEC has made them merely impotent in the decision-making process , which is a good hallow as there aim of profitability can displace many other economies . It has forced the Western nations to break its favour on numerous occasions . There is a evolution recognition in the Western world that the industrialised countries cannot take in the problems of chronic inflation and economic stagnation permanently unless they force OPEC to abandon its stand of raising oil prices ever higher(prenominal) and disrupt supplies to the oil consuming nations , but imagine what they could have done if OPEC was not thereThe dependence on OPEC increase well in the United States during the last decade and a half(prenominal) . According to a study by the Federal life force Administration (FEA , U .S .

oil imports raised 150 portion between 1968 and 1973 , from close to 2 .5 million barrels a day in 1968 to 6 .3 mb /d in 1973 . Imports from the Arab oil producing countries were raised to 31 .9 percent in 1976 from a negligible 2 percent of imports in 1970 . On the all told , the reliance of the United States on foreign oil had increased disturbingly . In 1970 , the United States depended on foreign oil for 23 percent of its which was quite clearly showing what could have happened in no oil situation . In 1974 , the go for was raised to 37 percent , and in 1976 oil imports were about 44 percent of the oil imports reached the pinnacle at an fairish of 8 .7 mb /d . That represented approximately 48 percent of the averaged 18 .4 mb /d in that yearThe FEA s figures too showed that the consumption of oil in United States was raised by 3 .7 percent in 1976 as compared to 1975 , with gasoline use advancing at 6 .7 percent and distillate by 7 .9 percent . At the same time , the domestic help production during 1975 and...If you want to get a full essay, put in it on our website: Ordercustompaper.com

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