Contemplate the way the price of crude oil is determined. Explore the differences between free markets and oligopolies in setting prices, such as that of oil. Teachers will also need to understand what an oligopoly is, and how it affects the supply and demand curve. This information can be found in any elementary Economics textbook. You can also learn more about OPEC in online encyclopedias.
Students then share their answers.
After reading and discussing the article, make sure students understand what OPEC is, what reparations are, what compensation accounts are, and what sanctions are. Once students are comfortable with these concepts, separate them into groups of 3-4 students. Ask each group to try and figure out how a group like OPEC can cause prices to be lower or higher than the price that would naturally come about in a free market. Students can explain in words, or use the graph to show the changes. Ask students to share their answers with the class.