The changing world petroleum market
by Jean-Pierre Lourdais
International Journal of Global Energy Issues (IJGEI), Vol. 8, No. 1/2/3, 1995

Abstract: The oil crisis of 1973/1974 changed the traditional classification of the economic issues of oil and energy from micro-economic to the macro-economic. The oil embargo and the fantastic rise of oil prices very quickly demonstrated that the structure of the Western economies was based on the availability of cheap energy. It turned out that the Western economies could manage with more expensive energy. Three different perceptions about how the future might unfold are developed in this paper, which has been compiled from various texts, and most particularly from a special issue of the Energy Journal.

Online publication date: Mon, 14-Jul-2014

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