OPEC Raises Oil Prices: Economic Shockwaves Hit the US
Libya joins four other OPEC nations to hike crude oil prices, sending shockwaves through the American economy that trigger immediate inflation and a sharp drop in consumer spending. This coordinated price surge forces U.S. households to cut back on non-essential goods while prompting the government to accelerate domestic energy production strategies.
December 16, 1979
47 years ago
Key Figures & Places
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