The oil embargo gave OPEC new power to achieve its goal of managing the world's oil supply and keeping prices stable. By raising and lowering supply, OPEC tries to stabilize the price of oil. If the price drops too low, they would be selling their finite commodity too cheap. If too high, the development of shale oil would look attractive. The already slowing world economy slowed further, bringing down oil prices. The prices of many other commodities, such as coal and iron ore, are down as well. The 1973 Oil Crisis and Its Effects. An American gas station in 1973, with a long line of cars. gas prices in the United States were stable for decades. Through The Great Depression, World War II, and the postwar boom, oil traded in a low and narrow range. and sectors of the economy grew dependent on these prices. When a sudden shock