Horizontal axis shows the years, ranging from 1970 to 2020 in increment of 5. The vertical axis shows the price of oil in 2015 dollars per barrel. The graph shows a line that depicts several rises and falls in price across the years. The line shows a steep rise from 1970 to 1975 to reach a point at 42 dollars labeled as “Arab oil embargo”. It shows a small fall before rising again steeply between 1978 and 1980, culminating at 85 dollars. A text pointing to the graph at 1980 reads, “Iranian revolution”. The line declines between 1980 and 1985 to reach 25 dollars, and is labeled as “cartel breaks”. After several small ups and downs between 1985 and 2002, it shows a steep rise between 2002 and 2008. This part of the line is labeled as “cartel resumes”, ...

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