Seven lean years. [No quick fix available]

Journal Article · Mon Dec 22 04:00:00 EST 1980 · Time; (United States)

OSTI ID:6651096

Byron, C

The end of the cheap oil era is having a more profound impact than any other single issue or event since World War II, making the everything crisis a more-appropriate label than energy crisis. Warnings from OPEC that oil may rise to $60 per barrel will not have worldwide inventories as a moderating force because the Iran-Iraq war has reduced OPEC production to the point where oil companies are unwilling to draw down their stockpiles. The cartel's prices have merely exploited a worldwide increase in demand for oil that would have pushed prices up anyway. The social and economic havoc is straining the economies of developed countries and could bankrupt and destabilize much of the Third World. The search for non-OPEC oil sources and alternatives to oil prompted a global race to discover new reserves, exploit renewable fuel sources, and initiate conservation. With no quick fix available, a painful period is foreseen while people learn to husband natural resources. (DCK)

• OSTI ID: 6651096
• Journal Information: Time; (United States), Journal Name: Time; (United States) Vol. 116:25; ISSN TYMEA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
ECONOMICS
ENERGY SHORTAGES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
PETROLEUM
SHORTAGES