The further surge in oil prices that accompanied the Iranian Revolution in 1979 eventually drove up prices to $ per barrel by February 1981 $ per barrel in today's prices).
At its heart, though, is the organisational power resulting from private, decentralised, individual decisions. These decisions are steered by prices. This is why a functioning price mechanism is the primary steering function. Undistorted prices provide key signals and information on the scarcity of goods, say, so that economic resources can be used to maximise welfare.