The oil price conundrum

Journal article

The governments of oil-importing countries are worried about the recent high oil prices. They worry about possible macro-economic effects: inflation, recession, balance-of-payments deficits. The consumers of energy in those countries where fuels are not subsidised are angry about the higher prices of oil, gas and electricity. Unfortunately these higher prices have coincided with increases in the cost of food and other items of vital expenditures. Those who use fuels in significant quantities, such as fishermen or truck drivers, are protesting through strikes or motorway blockades in some European countries.

Governments of importing countries could not remain indifferent to events too quickly labelled as the new oil price shock or the new oil crisis. Comparisons with the previous crises of the 1970s were hastily made but were more misleading than illuminating.

Authors: Mabro, R

• Publication status: Published
• Peer review status: Peer reviewed
• Publisher: Oxford Institute for Energy Studies
• Journal: Oxford Energy Forum
• Volume: September 2008
• Issue: 74
• Pages: 12-14
• Publication date: 2008-09-01
• Edition: Publisher's version
• ISSN: 0959-7727
• Language: English
• Keywords: OIES