Question

The move from the ____________ was a factor which led to the energy crisis, because OPEC began to price a barrel of oil against gold.

a. gold standard
b. fluid exchange

Answer 1

The answer was the Gold Standard. The U.S. dollar was based on the Gold Standard. Due to the rising price of oil, the value began to fluctuate so they decided to base the value of their currency on the demand of the markets but this led to the dollar’s depreciation.