| 释义 |
oil price The price of bulk oil, usually quoted in US dollars per barrel. The real oil price drifted downwards in the post-war period, until in 1973-4 the Organization of Petroleum Exporting Countries (OPEC) increased it by a factor of four. This set off a severe bout of world-wide inflation, and the real price of oil since the 1970s has fluctuated severely, illustrating the tendency of price-fixing cartels to be unstable. |