Which of the following was the primary cause of the large increase in oil prices in the 1970s?
A)an increase in demand for oil
B)a decrease in demand for oil
C)a decrease in the supply of oil
D)an increase in the supply of oil

Question

Quizplus · Accepted Answer

The Organization of Petroleum Exporting Countries (OPEC), a group of major oil-producing nations, limited the supply of oil to other countries in the 1970s in response to political conflicts and disputes. This led to a decrease in the supply of oil, which caused prices to increase significantly.

Which of the Following Was the Primary Cause of the Large