Template-Type: ReDIF-Article 1.0
Author-Name:  M. A. Adelman
Title:  The 1990 Oil Shock is Like the Others
Classification-JEL: F0
Pages:  1-13
Volume:  Volume 11
Issue:  Number 4
Year:  1990
Abstract:  Since 1912, and the first shipments out of the Persian Gulf, the world price of oil has been far above the fording/developing cost of creating new reserves. The result is a huge excess of potential production, which the owners must somehow dam up to maintain the price. Since the OPEC nations took over 20 years ago, the process has been much more turbulent. First, their chief instrument for price-raising has been to provoke a crisis, or take advantage of one. Second, there has usually been not only potential excess supply but actual excess producing capacity. This makes the high price even more insecure.
Handle: RePEc:aen:journl:1990v11-04-a01
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=2022
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