Consequences of OPEC Formation
Which of the following describes a significant consequence of the formation of the Organization of the Petroleum Exporting Countries (OPEC) in 1960?
A
It allowed member states to exert greater economic control over oil prices and narrow the power gap between oil-rich nations and oil-importing states.
B
It led to dramatic declines everywhere in oil and gas consumption due to imposed export quotas by member countries.
C
The move stifled technological innovation within the automobile industry since there was no longer a need for fuel efficiency improvements.
D
OPEC establishment prompted immediate global shifts towards renewable energy resources, diminishing oil dominance.
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