Which choice explains how the OPEC crisis of 1973 affected oil prices?
A) The supply of oil was reduced, leading to a rise in oil prices.
B) The supply of oil was increased, leading to a fall in oil prices.
C) The demand for oil increased, leading to a rise in oil prices.
D) The demand for oil decreased, leading to a fall in oil prices.

Question

Quizplus · Accepted Answer

The OPEC crisis of 1973 resulted in a reduction in the supply of oil, as OPEC (the Organization of the Petroleum Exporting Countries) imposed an embargo on oil exports to countries that supported Israel in the Yom Kippur War. This reduction in supply led to a rise in oil prices.

Which Choice Explains How the OPEC Crisis of 1973 Affected