The large increase in oil prices in the 1970s was caused primarily by a(n)

Question

Quizplus · Accepted Answer

The large increase in oil prices in the 1970s was primarily caused by a decrease in the supply of oil. This was due to political events, such as the Arab oil embargo and the Iranian Revolution, which disrupted the flow of oil from major oil-producing countries to the rest of the world. This decrease in supply caused prices to rise due to increased competition among buyers for scarce resources.

The Large Increase in Oil Prices in the 1970s Was