The Organization of Petroleum Exporting Countries (OPEC) has played a significant role in global events. A perfect example of this would be the rapid increase of gas prices in America during the 1970's. Due to conflicts between the US and OPEC, the organization embargoed (banned) America from importing oil from any of these countries.
This had a severe impact on the American economy. The price of gas skyrocketed since America had already hit its peak in the amount of oil that could be produced in the US. Along with this, it lead to the development of a rationing system for American citizens. This meant that citizens could only get a certain amount of gas every time they went to the pump.
Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources.
