Quote:
Originally Posted by 300CAWDDUB
OPEC is the single major contributor to the price we see gas at the pump. A combo of 13 countries: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
Together, these 13 nations are responsible for 40 percent of the world's oil production and hold the majority of the world's oil reserves, according to the Energy Information Administration (EIA).
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You need to start looking at the contracts. While OPEC does regulate production (though nobody actually follows those regulations) a lot of the oil that comes out of those countries actually comes out of access rights contracts where US companies are doing the pumping.
FWIW, barrel prices do not directly correlate to pump prices.
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