![]() ![]() Market forces (supply and demand) set domestic crude oil prices. For the first time since the early 1970s, Responded to the oil crisis of 1978-1980 by removing price and allocationĬontrols on the oil industry. Thus, oil production from Saudi Arabia fellįrom 9.9 million barrels per day in 1980 to 3.4 million barrels per day For example,Ĭars became smaller, using less gasoline. But high prices caused less oil to be used. Saudi Arabia acted as a "swing producer," cutting more production than any
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