He saw how the US and other nations were simply giving them the smallest amount of money for their oil. With this he raised the price of a barrel of oil quite drastically. This forced the US and other nations to raise gas prices severely. Venezuelan Oil Minister Valentin Hernandez Acosta says that the reason for the price hike was to compensate for world-wide inflation. However there was no evidence that inflation has eroded oil revenues to the extent that some producers then wished to raise prices that had already quadrupled since 1973. President Fords response to the decision of OPECs decision to put off the price raise till fall was that any price increase should be limited to seven or eight percent and possibly the price should be reduced. (Democrat and Chronicle) In nineteen seventy four a price freeze on oil was enacted; some producers in the three day meeting in a West African capital have complained that they had a loss of thirty five percent of their purchasing power since the price freeze (Democrat and Chronicle). Some extreme members of OPEC like Iraq and Algeria have urged price increase to recover the whole of the claimed loss; this is unlike more moderate governments that were ready for a less increase to an almost lesser amount.The US hopes that the decision on the price increase is within limits.These two events were very important in the United States; they had a largeImpact on how companies ran their businesses and the power of government funded agencies. With these problems came societies unrest and a hate for the government. Society reacts quite severely when their civil rights are infringed upon or if they lose easy and unrestricted access to large automobiles. The American public has always had a love for large engines, gas-guzzling cars. When the price of oil shot up, the public was forced to economize and settle for more cost efficient cars. Each one of these events shows society that they are losin...
