| Historically, crude oil or petroleum
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| | and the US started importing increasing
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| prices in the United States have been
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| | quantities of crude oil.Up until the 1972
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| affected by a variety of global factors.
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| | war between Israel and Syria and Egypt,
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| In the beginning of the 20th century,
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| | global crude oil prices were fairly
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| crude oil production began to be
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| | stable at about $3 a barrel. An oil
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| controlled by the US government, with
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| | embargo by major oil-producing countries
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| restrictions on the amount of production
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| | in 1973 led to the first steep increase
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| and price to conserve this valuable
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| | in crude oil prices, to $12 a barrel.
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| energy source. Following the Second
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| | Following the Iran revolution of 1979 and
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| World War, demand for petroleum could not
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| | the Iran-Iraq war, crude oil prices rose
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| be met through local production alone,
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| | to $35 a barrel by 1981.
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