Use of political pressure as a policy tool during the 1979 oil-supply crisis. [Monograph]

Book · Thu Jan 01 04:00:00 EST 1981

OSTI ID:6942833

Erfle, S; Pound, J; Kalt, J

The response of American markets to supply crisis in world oil markets is analyzed in the context of four main issues: the efficiency of the operation of American oil markets during oil-supply crises; the problems of both economic efficiency and social equity that arise during the American adaptation process; the propriety of the federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic nature of these problems. The conclusion is reached that federal intervention has caused the bulk of the genuine oil-market inefficiencies experienced by American consumers since 1973, and has forced major oil companies in particular into price and supply behavior at odds with the interests of the firms themselves and society's interests in maximizing national economic output. 64 references, 15 figures, 11 tables.

• OSTI ID: 6942833
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
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ECONOMIC ANALYSIS
ECONOMIC IMPACT
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INSTITUTIONAL FACTORS
MARKET
PETROLEUM
POLITICAL ASPECTS
SUPPLY DISRUPTION