After much success during the 1970s,the OPEC cartel saw the price of oil and the revenues of its members decline during the 1980s due,in part,to

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The decline in oil prices and revenues for OPEC during the 1980s was due, in part, to the greater long-run elasticity of demand for oil. This means that as prices increased, consumers were able to find substitutes or alternatives to oil, such as alternative energy sources or more fuel-efficient vehicles. As a result, demand for oil decreased, leading to a decline in prices and revenues for OPEC members.

After Much Success During the 1970s,the OPEC Cartel Saw the Price