The increase in world oil prices during the 1970s was
A)the result of depletion of world reserves of oil.
B)artificially created by OPEC.
C)the result of extremely high growth rates in industrialized countries.
D)fully reversed by 1982.

Question

Quizplus · Accepted Answer

The increase in world oil prices during the 1970s was artificially created by OPEC (Organization of the Petroleum Exporting Countries) who sought to control the production and distribution of oil, leading to a reduction in supply and a corresponding rise in prices. This was not due to depletion of reserves or high growth rates. While oil prices did decrease by the 1980s, it was not fully reversed.

The Increase in World Oil Prices During the 1970s Was