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Essay Details:
Essay text:
(OPECS symbolic move)
Throughout the post war period exporting countries found increasing demand for their crude oil but a 40% decline in the purchasing power of a barrel of crude. In March 1971, the balance of power shifted. That month the Texas Railroad Commission set peroration at 100 percent for the first time. This meant that Texas producers were no longer limited in the amount of oil that they could produce. More importantly, it meant that the power to control crude oil prices shifted from the United States (Texas, Oklahoma and Louisiana) to OPEC (A titanic struggle). A little over two years later OPEC would through the unintended consequence of war get a glimpse at the extent of its ability to influence prices...
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