CRUDE OIL

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Statue of the Organization of the Petroleum Exporting Countries: The principal aim of OPEC is to harmonize the petroleum policies of its Member Countries as part of its efforts to safeguard their interests. It further states that members of the Organization shall work together to ensure stable oil prices, secure fair returns to producing countries and investors in the oil industry, and provide a steady petroleum supply to consumers. Members organized in 1960 and include Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Socialist People's Libyan Arab Jamahiriya, United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola. Since, Gabon has terminated membership, Indonesia suspended 2009. ~from OPEC Web site. There are 42 U.S. gallons to a "barrel" The U.S. consumes 20 million barrels a day. Fifty percent is used for motor oil. Other uses include jet fuel, machinery, lubricants, etc. The U.S. imports more oil from Canada and Mexico than from the Middle East. OPEC solely controls the price of crude.

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