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Crude Oil Price Instability: It’s 1979 All Over Again

Crude oil prices are back where they were eight weeks ago. Over the past two months, oil prices climbed from $122 dollars per barrel to $145 dollars, and they’re back at $122 dollars again. Price instability of this magnitude hasn’t been seen since the Iranian Revolution of 1979, and instability in the Middle East appears to be a factor this time as well.

According to the Statistical Review of World Energy from British Petroleum, the Middle East holds 61 percent of the world’s remaining proven oil reserves.

The video newscast containing this story is here.

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