Actually all they have to do is cut supply. Which they have done many times in the past.Essentially dissolved is not the same as actually dissolved. They still exist, but have no combined power to affect prices right now. And for that, thank you, President Obama (praise be unto Him!)Gas prices could drop toward $1 a gallonNo they didn't. OPEC is alive and well.You shouldn't thank Obama...thank Saudi Arabia! THEY dissolved the Oil Cartel.
Gasoline prices are driven mostly by four factors: oil prices, proximity to refineries, refinery capacity and state taxes and levies. Oil prices have dropped below $33 a barrel and continue to collapse. The recent decision bySaudi Arabia to continue to keep its oil exports high essentially has dissolved the OPEC cartel. The decision also has forced the kingdom to chop its 2016 budget. This ongoing supply glut guarantees oversupply of crude. At the same time, slowing national economies in the largest countries, including China, will lower demand. China now tops the list of oil importers, according to the Financial Times, having moved ahead of the United States.
Gas prices could drop toward $1 a gallon