The Prize: The Epic Quest for Oil, Money, and Power
How did oil companies and governments react to the Second Oil Shock?
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Oil companies, like BP, enacted Act of God provisions when they couldn't provide the amount of oil that they had promised buyers. Governments and other panic buyers hoarded oil, which caused prices at the gas pump to rise. Prices for oil rose dramatically. Other oil companies were hit hard by the shortage as well. Contracts between oil companies and buyers were canceled.