OPEC did not cause the inflation, nor did the increasing price of oil. During the same period, the US fully abandoned the gold standard and the Federal Reserve

OPEC did not cause the inflation, nor did the increasing price of oil. During the same period, the US fully abandoned the gold standard and the Federal Reserve pursued a policy of loose money. Here's a brief history: http://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp http://www.investopedia.com/articles/economics/09/1970s-grea...