Organization of the Petroleum Exporting Countries

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The Organization of the Petroleum Exporting Countries has the biggest impact on gas prices. This organization is comprised of the following countries: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. These countries hold two-thirds of the world's oil reserves and are responsible for 40% of the world's oil production. Gas prices first began to rise in April of 2001, when OPEC decided to reduce their oil production by a million barrels a day. From that time on, production has either increased or stayed the same. Other countries that contribute to the world's crude-oil supply are the United States, Canada, Mexico, Angola, Equatorial Guinea, Russia, and China.

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• Gasoline Consumption in the U.S.
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• Organization of the Petroleum Exporting Countries
• Result of Gas Prices on the Economy