OPEC does have some responsibility for setting the global oil prices. About fourteen nations are included in OPEC. These nations are known as being the ones that have the largest oil reserves and supply the rest of the country with oil by exporting to the other countries. If their prices go up, then the gas stations’ prices go up.
The members of the OPEC include Angola, Equatorial Guinea, Algeria, Qatar, Indonesia, Libya, Nigeria, Ecuador, Gabon, the United Arab Emirates and the original countries of Iran, Iraq, Kuwait, Venezuela and Saudi Arabia. Since these countries produce much of the oil, they set the prices and then the gas stations must set the price after they have paid for the gas from exporting to the country.
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