Cartel Analysis:
i) The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel. Go to its website and answer the following questions in a 1200-1500 word double-spaced paper in APA format.
ii) What are OPEC's objectives?
iii) How does it meet those objectives?
iv) What countries are members of OPEC?
v) What percentage of world oil production comes from these nations?
vi) In what way is OPEC a cartel?
vii) What significant oil-exporting countries are not members?
viii) What has OPEC done to limit the effect of nonmember production on its pricing decisions?
ix) Should the US boycott OPEC for its pricing and output tactics? Why or why not?
x) 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.
xi) List between 3-5 substitutes for gasoline.
xii) List between 3-5 complements of gasoline.
xiii) Why do you suppose alternative fuel sources have not been successfully adopted in major US cities? Justify your answer.