Abstract
Events leading to the energy crisis in 1973 are reviewed. In 1960, at the time the oil cartel was formulated by the chief oil-exporting states, most of them in the Persian Gulf and North Africa, oil was plentiful, the great international fleets of tankers were being founded, and the oil companies were beginning to enjoy the economies of scale that came from the building of large modern refineries. Under increasing pressure from OPEC, prices rose to nearly $1.00/bbl by 1970. Also, during this period, the oil-producing countries were being encouraged to produce more in order to increase revenues. OPEC became more sure of itself, and after observing and resenting the high profits of the oil companies, the large revenues collected by consuming governments in excise duties, and the relative cheapness of Middle East oil, the embargo resulted. The author describes the crisis as a consequence of the way in which the West has sought to insulate itself from geological and economic reality. Factors to be considered by the West are discussed, namely: (1) alternative energy sources that are feasible--immediately and in the long term; (2) what contribution will North Sea oil make; (3) how the need for energy can be
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Citation Formats
Maddox, J.
Beyond the energy crisis.
United Kingdom: N. p.,
1975.
Web.
Maddox, J.
Beyond the energy crisis.
United Kingdom.
Maddox, J.
1975.
"Beyond the energy crisis."
United Kingdom.
@misc{etde_7294636,
title = {Beyond the energy crisis}
author = {Maddox, J}
abstractNote = {Events leading to the energy crisis in 1973 are reviewed. In 1960, at the time the oil cartel was formulated by the chief oil-exporting states, most of them in the Persian Gulf and North Africa, oil was plentiful, the great international fleets of tankers were being founded, and the oil companies were beginning to enjoy the economies of scale that came from the building of large modern refineries. Under increasing pressure from OPEC, prices rose to nearly $1.00/bbl by 1970. Also, during this period, the oil-producing countries were being encouraged to produce more in order to increase revenues. OPEC became more sure of itself, and after observing and resenting the high profits of the oil companies, the large revenues collected by consuming governments in excise duties, and the relative cheapness of Middle East oil, the embargo resulted. The author describes the crisis as a consequence of the way in which the West has sought to insulate itself from geological and economic reality. Factors to be considered by the West are discussed, namely: (1) alternative energy sources that are feasible--immediately and in the long term; (2) what contribution will North Sea oil make; (3) how the need for energy can be balanced against the risks involved in the rapid development of nuclear generators; (4) what effect prolonged inflation in the West will have on the cash surpluses being built up by OPEC; and (5) whether Iran and Algeria may be forecast as powerful countries. The author concludes that the energy crisis of 1973-1974 may turn out to seem not a cataclysm for the West but a period during which the benefits of the continuing industrial revolution came to be more widely shared, occasions for the exercise of courage and realism on which industrial society is founded. (MCW)}
place = {United Kingdom}
year = {1975}
month = {Jan}
}
title = {Beyond the energy crisis}
author = {Maddox, J}
abstractNote = {Events leading to the energy crisis in 1973 are reviewed. In 1960, at the time the oil cartel was formulated by the chief oil-exporting states, most of them in the Persian Gulf and North Africa, oil was plentiful, the great international fleets of tankers were being founded, and the oil companies were beginning to enjoy the economies of scale that came from the building of large modern refineries. Under increasing pressure from OPEC, prices rose to nearly $1.00/bbl by 1970. Also, during this period, the oil-producing countries were being encouraged to produce more in order to increase revenues. OPEC became more sure of itself, and after observing and resenting the high profits of the oil companies, the large revenues collected by consuming governments in excise duties, and the relative cheapness of Middle East oil, the embargo resulted. The author describes the crisis as a consequence of the way in which the West has sought to insulate itself from geological and economic reality. Factors to be considered by the West are discussed, namely: (1) alternative energy sources that are feasible--immediately and in the long term; (2) what contribution will North Sea oil make; (3) how the need for energy can be balanced against the risks involved in the rapid development of nuclear generators; (4) what effect prolonged inflation in the West will have on the cash surpluses being built up by OPEC; and (5) whether Iran and Algeria may be forecast as powerful countries. The author concludes that the energy crisis of 1973-1974 may turn out to seem not a cataclysm for the West but a period during which the benefits of the continuing industrial revolution came to be more widely shared, occasions for the exercise of courage and realism on which industrial society is founded. (MCW)}
place = {United Kingdom}
year = {1975}
month = {Jan}
}