Inflation In 1970

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In the 1970's the nation suffered an economic issue the likes of which it had never before encountered, a period of both increased inflation as well as higher rates of inflation, known as "stagflation". The issue of inflation actually started on the other side of the world. The problem was OIL! Because of the U.S backing of Iran in its war with egipt in 1973, the price of oil sold to us SOARED due to an "Oil embargo" impossed by the Organization of Arab Patrolium Exporting Countries, that caused the price of oil per barrel to go from $3 to about $13 worldwide (and even higher for Americans). With the price of oil up, gas went up, when gas goes up...everything goes up. Due to the prices of products going up, the demand for them went down, with

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