The increased oil prices were due to increase in the money supply after the Vietnam War. Money printing usually leads to increased prices of products. Nixon re

The increased oil prices were due to increase in the money supply after the Vietnam War. Money printing usually leads to increased prices of products. Nixon removed the fixed conversion of Dollar to Gold with the Nixon shock (https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock) which made it possible to print even more money. The gold price increased from less than 200 in 1977 to over 800 in 1981 as a response to a lack of faith in the dollar.