September 14, 2004

Today in Automotive History 1960

Today in Automotive History

1960 Creation Of OPEC

The Organization of the Petroleum Exporting Countries was founded on this day at the Baghdad Conference of 1960, established by five core members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Originally made up of just these five, OPEC began as an attempt to organize and unify petroleum policies, securing stable prices for the petroleum producers. The organization grew considerably after its creation, adding eight other members and developing into one of the most influential groups in the world. The first real indication of OPEC's power came with the 1973 oil embargo, during which long lines and soaring gasoline prices quickly convinced Americans of the reach of OPEC's influence. OPEC's member countries currently supply more than 40 percent of the world's oil.

Posted by Quality Weenie at September 14, 2004 08:00 AM