Formed in 1960 to keep prices stabile. Twelve member countries: Iran, Iraq, Kuwait, Saudi Arabia, Qatar, UAE, Algeria, Angola, Libya, Nigeria, Ecuador, and Venezuela. OnOctober 1973, OPEC declared an oil embargo in response to the United States' and Western Europe's support of Israel. The result was a rise in oil prices from $3 per barrel to $12 Gas rationing in the U.S. resulted in lines at the pump. Congress issuing a 55 mph limit at the end of 1973 OPEC nations discovered that their oil could be used as both a political and economic weapon against other nations. 1973 oil embargo was a global economic recession. Unemployment rose to the highest percentage on record while inflation also spiked.