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In the 1970s OPEC caused a dramatic increase in the price of oil What prevented it from maintaining this high price through the 1980?
Wiki User
∙ 12y ago
The catalyst for this price hike was the Yom Kippur War in which the West, and in particular the United States loaned their support to Israel in the form of supplies, funding and weapons. In response the OPEC nations resolved to up the price of oil and boycott the U.S and the West. There are a variety of reasons that contributed to this trend not continuing on through into the eighties
Wiki User
∙ 12y ago
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