Libya joined four other OPEC nations in raising the price of crude oil


Sunday 16th December 1979

Libya joined four other OPEC nations in raising the price of crude oil. Since the U.S. bought much of its oil from Libya, the price hike had an almost immediate effect on American gas prices. Gas became costly, and the cost of motoring rose. Heating-oil prices also jumped–a tough blow at the beginning of winter.


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