OPEC Modeled On Texas Oil Regulation System

OPEC, the Organization of Petroleum Exporting Countries, is designed to control global oil supply to control oil prices.

When the U.S. fracking boom started cutting into OPEC's business, it decided to bring oil prices down and flood the global market. But yesterday, OPEC made a deal to cut oil production by 1.2 million barrels a day in an effort to boost crude oil prices.

Ironically, that system of controlling production to set global oil prices has roots in Texas. Mose Buchele (@MoseBuchele) of Here & Now contributor KUT explains.