Oil supply disruptions: their price and economic effects

Technical Report · Fri May 20 04:00:00 EDT 1983

OSTI ID:5366824

Large disruptions of 10 and 19 millions of barrels of oil per day could double or triple oil prices and have serious effects on inflation, economic growth, and employment - even under conditions of substantial unused production capacity such as those present during the past year. However, under these slack market conditions, GAO's analysis shows that a small disruption of 3 million barrels per day would have little effect. Under tighter market conditions like those before the Iranian oil cutoff of 1979, there is less unused production capacity to make up for lost production, and disruptions result in larger price increases.

• Research Organization: General Accounting Office, Washington, DC (USA). Resources, Community and Economic Development Div.
• OSTI ID: 5366824
• Report Number(s): GAO/RCED-83-135; ON: DE84900761
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
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ECONOMIC DEVELOPMENT
ECONOMIC IMPACT
EMPLOYMENT
ENERGY SOURCES
FOSSIL FUELS
FUELS
INFLATION
PETROLEUM
PRICES
SUPPLY DISRUPTION