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Which left markets very uneasy. In the event of another significant crisis – prank calls say, prank calls a US attack on Iran or collapse of the Saudi government – the price of crude oil would skyrocket. Consuming nations themselves hold a lot of power too; we are not simply victims of the prank calls producers we like to think we are. After the 1973 oil embargo, non-OPEC production expanded rapidly, responding to higher prices that made higher-cost production economically viable. Consumers can change their buying patterns, like the gasoline-to-diesel switch going on in Europe (prompted by government action). Or they can conserve. Or they can stick an aircraft carrier battlegroup offshore a producing country and threaten it with mayhem and disaster if it doesn't behave. There are all kinds of ways for consumers to influence contract terms.
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