Black gold: the end of Bretton Woods and the oil-price shocks of the 1970s.

The U dollar price for a barrel of oil rose from $335 in January 1970 to $3250 by means of the end of the 1970 upon a single day, January 1 1974 the Organization of mineral tar Exporting Countries (OPEC) raised the U dollar price of oil a staggering 135 percent from $431 to $1011 (1) not many would disagree that OPEC's action was single of the most important circumstances of the 1970s--so important, in fact, that level current U.S. high academy students are generally aware of it. Virtually all economists, ourselves included, agree that it had a major impact upon the world economy. A herculean price ...