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) the introduction of the National Energy Program
C) a decrease in the supply of oil by OPEC
D) an increase in the supply of oil by OPEC

Question

Quizplus · Accepted Answer

The primary cause of the large increase in oil prices in the 1970s was a decrease in the supply of oil by OPEC (Organization of the Petroleum Exporting Countries) due to political reasons such as the Arab-Israeli conflict and the Iranian Revolution. This led to a shortage of oil and a significant increase in prices.

Which of the Following Was the Primary Cause of the Large