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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
- Language
- Released
- 2012
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- Title
- OPEC and the Price of Petroleum
- Subtitle
- Theoretical Considerations and Empirical Evidence
- Language
- English
- Authors
- Michael Rauscher
- Publisher
- Springer Berlin Heidelberg
- Publisher
- 2012
- Format
- Paperback
- Pages
- 224
- ISBN13
- 9783642839283
- Category
- Business and Economics, Ecology
- Description
- 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.