The price of oil since it was first discovered in 1861 has always been one of the most volatile and carefully watched variables of the economy.
When OPEC raised the price by 70% in October 1973 and a further 130% in December 1973 and overall ten-fold between 1973 and 1980, it turned into a volatility creating source.
In 1980s, demand for oil and price declined due to efforts of oil importing countries to find alternative energies such as coal, natural gas and nuclear power and alternative sources such as Norway.
Then came production quotas of OPEC.
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