The End of a Development Model

At the end of the 60s oil prices were lower in real terms where they were in the Second World War. There was this very strong pressure and third even though it's rarely linked with your shock, the 1960s and early 70s is a time of massive protagonyism of the labor movement. And at the time where it seemed to be more difficult to increase production both due to limits to natural resource extraction but also to this increase in political activism of natural resource exporting countries. So these three if you will historical phenomenon which you could define as the end of a development model are what led to pressures to increase low prices.