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From the early twentieth century to the 1970s, major oil discoveries and improved production techniques meant that:

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jayilych4real

From the early twentieth century to the 1970s, the major oil discoveries and improved production techniques meant that:

  • The supply of oil increased at an even faster pace, leading to modest declines in price

What is Demand and Supply?

This refers to the economic principle which states that if there is an increase in demand of a particular good or product, then there would be an increase in price.

With this in mind, we can see that  from the early 20th Century, there was an increase in oil discoveries which made the production techniques to improve and this meant that because of the increase in supply, there was a decline in price.

Read more about demand and supply here:

https://brainly.com/question/4804206

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