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Gasoline is produced by a distillation process where crude oil is heated and fumes are captured and converted into many products such as kerosene jet fuel and gasoline to name a few Therefore the price of crude oil which is extracted from oil wells beneath the earths surface is a major factor in gas prices The five leading oil-producing countries and their approximate shares of the world supply of oil are Soviet Union 21 Saudi Arabia 17 The United States 15 Venezuela 4 and Mexico 4 These five countries made up 61 of the worlds oil production back in 1980 Even though The United States is a major producer of oil it does not make them self-sufficient The United States uses more oil than they can produce and must look towards foreign countries An organization called OPEC controls approximately four fifths of the worlds oil reserves in the non-communist world The United States is forced to deal with OPEC not only in its own interests but also in the interest of its allies and in the interest of maintaining peace The former Soviet Union may now have an interest in selling some of their oil that they have a tremendous amount of OPEC which stands for Organization of Petroleum Exporting Countries is made up of 13 countries Iran Iraq Kuwait Saudi Arabia Venezuela Qatar Indonesia Libya United Arab Emirates Algeria Nigeria Ecuador and Gabon OPEC was founded in Baghdad Iraq in September of 1960 It was organized in response to oil producing countries that did not consult with the Middle Eastern oil states before lowering their crude oil prices The producers feared that other countries would establish monopolies The aim of OPEC was to create a universal price between the countries in order to ensure peace between oil producers throughout the world OPEC also wanted to provide its members with technical and economic support in times of need since not all the countries were
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