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America's Oil Myths

Power Problems

CHAPTER

What Is the Cause of the 19 73 Oil Crisis?

There's just an enormous amount of confusion about the causal mechanisms in this affair. In 19 73, two things happened, ogand one real, one not so real. The main reason those oil prices began to increase was a conflict situation is emerging in the middle east. And with conflict markets and markets did not work the same way in the seventies as they do now.

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