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Brilliant_brown [7]
3 years ago
15

What economic policy did OPEC use which led to the energy crisis? A. tariff B. quota C. subsidy D. embargo

Social Studies
1 answer:
nevsk [136]3 years ago
8 0
"<span>For a time, geopolitical events and natural disasters had strong short-term effects on oil prices, such as </span>North Korean missile tests, <span>the </span>2006 conflict between Israel and Lebanon, <span>worries over </span>Iranian nuclear plans in 2006, Hurricane Katrina, <span>and various other factors.</span><span> By 2008, such pressures appeared to have an insignificant impact on oil prices given the onset of the </span>global recession.<span> The recession caused demand for energy to shrink in late 2008, with oil prices collapsing from the July 2008 high of $147 to a December 2008 low of $32.</span><span> Oil prices stabilized by August 2009 and generally remained in a broad trading range between $70 and $120 through November 2014,</span><span> before returning to 2003 pre-crisis levels by early 2016."</span>
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