Unemployment rates were high, inflation rose, and OPEC had increased oil prices several times.
And that means the U.S. needs to import less oil—especially from OPEC countires.
But the more powerful members of OPEC don't seem willing to go along.
This is why Venezuela has been one of the hawkiest hawks in OPEC, always agitating for tighter quotas and higher prices.
They are the swing supplier for OPEC, and will remain so for another decade or two.
The U.S. has long imported much more than it exported, especially oil from OPEC countries and goods from China.
This is a remarkable squandering of resources for this OPEC nation with one of the largest proven reserves.
OPEC meets in Vienna on Friday, a meeting that will, according to the Wall Street Journal, be a mite testy.
On one side are members like Saudi Arabia, who you can think of as OPEC's central banker.
initialism for Organization of Petroleum-Exporting Countries, founded 1960.