Q:

What was the range of historical oil prices in during the 1970s oil crisis?

A:

Quick Answer

During the 1970s oil crisis, the price of a barrel of oil rose from $2.90 in 1973 to $11.65 in 1974. This price persisted even after the Organization of Arab Petroleum Exporting Countries lifted the oil embargo in 1974.

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Full Answer

In 1973, the Organization of Arab Petroleum Exporting Countries issued an embargo that limited U.S. oil imports from OAPEC nations. These nations cut oil production by 25 percent and, subsequently, increased the price of oil by 70 percent. By January 1974, the global price of oil was nearly four times the price it had been in 1973. Although the price of oil stabilized in later years, the oil crisis caused inflation and derailed economic growth.

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