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What's the best way to think about the rise in oil prices in the 1970s, when wars and oil embargoes wracked the Middle East? Was

What's the best way to think about the rise in oil prices in the 1970s, when wars and oil embargoes wracked the Middle East? Was it a rise in demand, a fall in demand, a rise in supply, or a fall in supply?

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Historical Perspectives On The American Economy Selected Readings

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