Oil and commodity prices stayed high throughout the 80s and 90s

What would be the economic and geopolitical consequences had the price of oil and commodities like gold, silver, copper, nickel, soybean, beef and others stayed high throughout the 80s and 90s instead of plummeting to lower level like right now in 2015.

Would Iraq still attack Iran and Kuwait?

Would Mexico, Venezuela, Argentina, Brazil, and Chile economies a developed one by today with prolonged higher oil and commodity prices?

Would Soviet Union still exist right now?

Would US become a major oil shale producer in the 80s and 90s like right now?

Would China and India still produce economic boom like in the 2000s?

Would Australia and New Zealand enjoy the richest economic status like they enjoyed in the 70s?

Would be there a major investments in renewable with higher oil prices in the 80s and 90s?
 
What would be the economic and geopolitical consequences had the price of oil and commodities like gold, silver, copper, nickel, soybean, beef and others stayed high throughout the 80s and 90s instead of plummeting to lower level like right now in 2015.

Would Iraq still attack Iran and Kuwait?

Would Mexico, Venezuela, Argentina, Brazil, and Chile economies a developed one by today with prolonged higher oil and commodity prices?

Would Soviet Union still exist right now?

Would US become a major oil shale producer in the 80s and 90s like right now?

Would China and India still produce economic boom like in the 2000s?

Would Australia and New Zealand enjoy the richest economic status like they enjoyed in the 70s?

Would be there a major investments in renewable with higher oil prices in the 80s and 90s?

How? Black Magic? Like everything else commodity prices are governed by supply and demand. High commodity prices spur technological development and expansion of resource extraction. After that commodity prices go back down.
 
How? Black Magic? Like everything else commodity prices are governed by supply and demand. High commodity prices spur technological development and expansion of resource extraction. After that commodity prices go back down.

Quite.

To keep prices high you need to take HUGE chunks of supply out of the system. Like the entire Persian Gulf area descends into ISIS style civil war, and even if oil can be produced, it can't be shipped out.

Taking out all Middle Eastern Oil would be enough to keep prices high for decades, as there just isn't any alternate source in that quantity.

I SUPPOSE that if China and India both suddenly and simultaneously started a 10% annual sustained growth surge starting in the 1960s (and how do you do THAT?), you might raise demand enough to keep prices high, but that's wildly implausible, I'm afraid.
 
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