In 10 short years, Canada has replaced the once mighty OPEC.
OPEC was once a name that made world leaders shake in their boots.
In the early 1970s, the infamous oil cartel controlled more than 50% of global market share. The power of the cartel was also clear – in response to the Yom Kippur War of 1973, many OPEC countries (that were a part of OAPEC – the Organization for Arab Petroleum Exporting Countries) initiated production cuts and an oil embargo against Western countries.
Oil prices quadrupled from $3 to $12, and OPEC producers raked in the cash.
Meanwhile, the West was in a panic. Emergency energy rations were imposed, currencies were devalued, gasoline sales were restricted, and Sunday driving was banned in seven European countries.
Source: http://www.visualcapitalist.com/changing-anatomy-u-s-oil-imports/
