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Drastic fluctuations in oil prices have significantly influenced global economic performance since the 1970s, marked by crises in 1973-74 and 1979-80, followed by a sharp decline in 1986. The price of Arabian Light crude oil soared from under $2 per barrel in 1972 to around $35 in 1980, before plummeting to $13 by 1986. Monthly data reveals even more extreme variations, with prices exceeding $40 in December 1980 and dropping to $8 in August 1986. Post-World War II, petroleum emerged as the dominant energy resource, overshadowing alternatives like coal and firewood.
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OPEC and the Price of Petroleum, Michael Rauscher
- Jazyk
- Rok vydania
- 2012
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- Titul
- OPEC and the Price of Petroleum
- Podtitul
- Theoretical Considerations and Empirical Evidence
- Jazyk
- anglicky
- Autori
- Michael Rauscher
- Vydavateľ
- Springer Berlin Heidelberg
- Vydavateľ
- 2012
- Väzba
- mäkká
- Počet strán
- 224
- ISBN13
- 9783642839283
- Kategórie
- Podnikanie a ekonómia, Ekológia
- Anotácia
- Drastic fluctuations in oil prices have significantly influenced global economic performance since the 1970s, marked by crises in 1973-74 and 1979-80, followed by a sharp decline in 1986. The price of Arabian Light crude oil soared from under $2 per barrel in 1972 to around $35 in 1980, before plummeting to $13 by 1986. Monthly data reveals even more extreme variations, with prices exceeding $40 in December 1980 and dropping to $8 in August 1986. Post-World War II, petroleum emerged as the dominant energy resource, overshadowing alternatives like coal and firewood.