OPEC is basically toothless. When the price of oil is above around $50-70/barrel there are too many different sourced that can produce it profitably.[1]
1973 was a surprise (no one thought the countries involved could stick together).
The major countries in OPEC (in particular Saudi Arabia, which can produce oil at around $10/barrel) still have power, but since the development of shale oil in mid 2000's even that power is diminished.
Just a footnote: oil shale and tar sands were considered too dirty when I was in high school in the early 1990s, because they require the same order of magnitude of energy to extract as the oil itself contains.
The Bush v Gore Supreme Court decision in 2000 was largely about if we were going to double down on fossil fuels or transition to renewables IMHO. As usual, the US made the.. let's just say not progressive choice.
Tons of documentaries talk about these sorts of unforced errors that get buried under revisionist history:
1973 was a surprise (no one thought the countries involved could stick together).
The major countries in OPEC (in particular Saudi Arabia, which can produce oil at around $10/barrel) still have power, but since the development of shale oil in mid 2000's even that power is diminished.
[1] https://www.statista.com/statistics/597669/cost-breakdown-of... (Note that this doesn't include distribution costs which are significant)