Background and Market Impact
I chose to write another chapter on the United States because the country was a major player during the 1970s energy crisis, but also so that I could make references to learnings from the chapter on COVID-19 and discuss how the energy crisis of the 1970s shaped the world we live in today. One of the more important developments in the history of the oil market was the creation of Organization of the Petroleum Exporting Nations (OPEC) in 1960. Representatives from Saudi Arabia, Venezuela, Kuwait, Iraq, and Iran decided to form this coalition with the goal of supporting oil prices. At the time, these countries represented 80 percent of the world’s oil exports, and their ...
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