Cartel Analysis:
Task: The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel. Go to its website and answer the following questions in a 1200 to 1500 word double-spaced paper in APA format.
Question 1: What are OPEC's objectives?
Question 2: How does it meet those objectives?
Question 3: What countries are members of OPEC?
Question 4: What percentage of world oil production comes from these nations?
Question 5: In what way is OPEC a cartel?
Question 6: What significant oil-exporting countries are not members?
Question 7: What has OPEC done to limit the effect of nonmember production on its pricing decisions?
Question 8: Should the US boycott OPEC for its pricing and output tactics? Why or why not?
Question 9: Given that petroleum products are in limited supply, what do you recommend the US government should do to prepare for a shortage of gasoline? Explain.
Question 10: List between 3-5 substitutes for gasoline.
Question 11: List between 3-5 complements of gasoline.
Question 12: Why do you suppose alternative fuel sources have not been successfully adopted in major US cities? Justify your answer.