FIGURE 28.1 Fluctuating Oil Prices, 1955–1985
Colonization allowed the Western imperial powers to obtain raw materials at advantageous prices or even without paying at all. OPEC’s oil embargo and price hikes of the 1970s were signs of change, which included the exercise of decolonized countries’ control over their own resources. OPEC’s action led to a decade of painful economic downturn, but it also encouraged some European governments to improve public transportation, support the production of fuel-efficient cars, and make individual consumers cut back their dependence on oil.