Question: Using the demand and supply framework, suggest plausible reasons why the price of oil was roughly constant between 1947 and 1971, even though the world

Using the demand and supply framework, suggest plausible reasons why the price of oil was roughly constant between 1947 and 1971, even though the world economy was growing steadily over the period. Answer must include detailed headings and graphs.

FRED. - Spot Crude Oil Price: West Texas Intermediate (WTI) 140 120 100 80 Dollars per Barrel 60 40 20 1950 1960 1970 1980 1990 2000 2010 2020

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