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Textbook used: Tietenberg and Lewis. 2018.Environmental and Natural Resource Economics, 11thEd.Routledge. Compare and contrast the behavior of OPEC during the period of falling world oil

Textbook used: Tietenberg and Lewis. 2018.Environmental and Natural Resource Economics, 11thEd.Routledge.

Compare and contrast the behavior of OPEC during the period of falling world oil prices in the 1980s with the recent period of falling world oil prices after 2014. How have demand and supply forces changed between these two time periods and how has OPEC responded to these changes?Use words or diagrams as appropriate.

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