Inflation and the OPEC
Inflation was created after the middle east stopped selling oil to the rest of the world as OPEC help create this shortage of Oil.
*After Yom Kippur War the oil producing countries started hoarding Oils
*OPEC = Organization of Petroleum Exporting Countries
*Middle East countries were part of this OPEC group
*Created a worldwide shortage and raised prices
*World went into a recession
*10% inflation in canada for many years
*Effects those on fixed incomes (Retirees) the most
*Lots of things become harder to obtain
*Not just bad economy in Canada, Also around the rest of the world
*After Yom Kippur War the oil producing countries started hoarding Oils
*OPEC = Organization of Petroleum Exporting Countries
*Middle East countries were part of this OPEC group
*Created a worldwide shortage and raised prices
*World went into a recession
*10% inflation in canada for many years
*Effects those on fixed incomes (Retirees) the most
*Lots of things become harder to obtain
*Not just bad economy in Canada, Also around the rest of the world