What was the consequence of the United States removing import quotas on oil in the 1970s? The United States became a full-fledged member of the wo...

What was the consequence of the United States removing import quotas on oil in the 1970s?

The United States became a full-fledged member of the world oil market.
The demand for oil in the United States increased significantly.
The price of oil in the world market increased due to the high demand.
The exporting countries revised their participation and buy-back arrangements to obtain a larger share of the rising prices.