The world economy depends on energy which in turn depends very largely upon our non-renewable resources of oil, gas and coal. The rapid advancement of the world’s economies has been based upon fossil fuels energizing industries, transportation, electricity and a host of other industrial necessities. To say that the world is dependent on oil would be an understatement; it is what powers our homes, cars and almost everything that requires energy. Therefore oil and its economics have been at the forefront of world developments and more often than not have caused tensions, depressions and recessions in different countries. Most of the oil output presently comes from OPEC (Organization of the Petroleum Exporting Countries) which comprises 13 oil producing nations. These countries which comprise many in the Middle East have been blessed with the richest accumulations of hydrocarbon accumulations to date and it is becoming increasingly uncertain that such a rich accumulation of hydrocarbons can be found elsewhere. Through its control on the supply of oil, the OPEC nations have exerted considerable influence on the pricing and supply of crude oil. However with the advent of Russian oil discoveries and their supplies (especially to Europe), the OPEC influence has been somewhat lessened. Over the last 3 decades from the 1970’s, the price of crude oil has been rising slowly with minor peaks and depressions. Oil has also been the cause of great geopolitical tensions (e.g., 1973 Oil Crisis). Oil money has greatly helped many nations and to this day it is the revenue earned by oil that powers the economies of many countries. Although the exact mechanisms of the pricing of crude oil remain hazy, the basic economical principles such as demand and supply hold good. Demand and supply intricately woven with other factors such as local government policies, transportation, wars, etc, contributes to the pricing of oil and the converse is also true. OPEC has faced much criticism when...