①[5]One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. ②A sizable portion of the world is only just emerging from economic decline. ③The Economists commodity price index is broadly unchanging from a year ago. ④In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%. [438 words]
1. The main reason for the latest rise of oil price is ______.
[A] global inflation [B] reduction in supply
[C] fast growth in economy [D] Iraqs suspension of exports
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