Which best states how the price of oil per barrel changed between 1976 and 1981?

The price increased slightly.

The price more than doubled.

The price more than tripled.

The price decreased slightly.

B: The price more than doubled

The correct answer is - The price more than doubled.

The price of the oil from 1976 to 1981 more than doubled, in fact it was very very close to actually tripled in price in this short time span. The average price of the oil in 1976 was 13.48 USD while in 1981 it 37.10 USD, which hit the people very hard on their budget.

The reason for such a dramatic increase of the oil price were the war between Iran and Iraq (one of the biggest oil producers), as well as the Iran embargo. Because the amount of oil on the market decreased, while the demand for it was an ever-growing one, the prices went significantly up.