50th Anniversary of OPEC

On September 20, BP hits the five-month mark since its Deepwater
Horizon spill began ravaging the Gulf of Mexico. But five months of
oily controversy is nothing on five decades. Today, oil behemoth OPEC
blows out the candles on 50 years of rows, rumors, and rants over its
dominance of the global petroleum market. The cartel, started by five
countries at the 1960 Baghdad Conference and now 12 members strong,
controls roughly 40% of world oil exports — and will celebrate its
birthday by greasing a new generation of consumers. Among its
anniversary efforts is the publication of an illustrated children’s
book on the history of oil: We’re guessing BP-drenched dolphins
didn’t make the cut. — LC

Fri, September 10

50th Anniversary of OPEC

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