Oil price history shows that prices have changed sharply on several occasions. Which is NOT an event that led to a sharp fluctuation in barrel price?
A) OPEC refused to sell oil to allies of Israel in 1973.
B) The end of the Iran-Iraq war in 1988 led to lower prices.
C) Oil companies control supply of oil in Southwest Asia in the early 70s keeping prices low.
D) The U.S. government removes all subsidies in 1980 to major oil companies like Exxon-Mobil causing an increased prices.
E) The Iranian Revolution in 1979 and Iran-Iraq war trigger oil shortages and higher prices.
Answer: D
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