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.

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