From 1970 to the mid-1990s,the relative price of crude petroleum
A)steadily increased.
B)steadily decreased.
C)increased dramatically, then decreased dramatically.
D)decreased dramatically, then increased dramatically.
E) remained more or less the same.

Question

Quizplus · Accepted Answer

From 1970 to the mid-1990s, the relative price of crude petroleum increased dramatically due to supply disruptions and geopolitical tensions in the 1970s, followed by a decrease in the 1980s due to increased production and price competition. In the mid-1990s, the price started to increase again due to rising demand, especially from emerging economies like China and India.

From 1970 to the Mid-1990s,the Relative Price of Crude Petroleum