Supply instability and oil-market behavior
The disruption in world oil markets that was triggered by the 1978 to 1979 Iranian revolution is analyzed. The resultant price rises are explored in the context of the behavior of the spot market and key OPEC countries. In particular, the economic and political roles of excess oil supply in the Persian Gulf nations are discussed. Conclusions for the likely future are presented together with the implications for United States policy. Constructive steps could be taken to create a data series on secondary stocks in the major consuming countries and the strategic oil stockpile could be used to moderate price increases. It is prudent to assume that recent energy-supply and price situations will continue and to take whatever steps are necessary to moderate the effects. 11 references, 4 tables.
- Research Organization:
- Massachusetts Inst. of Tech., Cambridge
- OSTI ID:
- 5246009
- Journal Information:
- Energy Syst. Policy; (United States), Journal Name: Energy Syst. Policy; (United States) Vol. 3:4; ISSN ESYPB
- Country of Publication:
- United States
- Language:
- English
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DATA
DATA COMPILATION
ENERGY POLICY
ENERGY SHORTAGES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
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