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home / archives / 1976 / 30th December


The barrel price of oil was expected to be $13.30 by July 1977 after Opec countries had proposed a 15% rise in the price of oil which was broken down into 10% and 5% increments. For their part Saudi Arabia and The United Arab Emirates rejected the increases and kept their rise to 5%. Jimmy Carter was waiting for his January Inauguration as President of the United States. Meanwhile the 31st Sydney Hobart Yacht Race was underway...