In the 1970s, the world price of oil was driven upward due to ____, while in the mid-2000s, the price of oil was driven upward primarily due to ____.
A) increase in demand; decrease in supply
B) increase in demand; increase in supply
C) decrease in demand; decrease in supply
D) decrease in supply; increase in demand
E) decrease in supply; decrease in demand

Question

Quizplus · Accepted Answer

In the 1970s, the world price of oil was driven upward due to a decrease in supply caused by the Organization of the Petroleum Exporting Countries (OPEC) implementing an oil embargo. In the mid-2000s, the price of oil was driven upward primarily due to a decrease in supply caused by geopolitical tensions, natural disasters, and increased demand from emerging markets.

In the 1970s, the World Price of Oil Was Driven