Historical Background to the World Energy Crisis
Coming on top of chronic inflation and serious commodity shortages, the dramatic increase in crude oil prices towards the end of 1973 shook the world economy to its very foundations, precipitating the energy crisis which had long been anticipated — if not for another decade or so. How to cope with the economic implications of the crisis became, almost overnight, the major preoccupation of governments all round the world. In the industrialised countries, virtually everybody — in every walk of life — has been affected by higher prices for all types of petroleum products, never mind the increased demand for substitutes and the further twist to the inflationary spiral. But it is the likely consequences of huge revenues accruing to the oil-producing countries that is perhaps the principal cause of concern.
KeywordsEurope Income Nigeria Kuwait Libya
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Notes and References
- 4.D. H. Meadows et al., The Limits of Growth, Report for the Club of Rome (New York: Potomac Associates, 1972).Google Scholar
- 5.Abdul Amir Q. Kubbah, OPEC Past and Present (Vienna: Petro-Economic Research Centre, 1974)Google Scholar
- 5.and Ashraf Lutfi, OPEC Oil (Beirut: Middle East Research Centre, 1968).Google Scholar
- 5.Also see George W. Stocking, Middle East Oil: a Study in Political and Economic Controversy (London: Allen Lane, the Penguin Press, 1971).Google Scholar
- 7.Sir Alec Cairncross et al., Economic Policy for the European Community: the Way Forward (London: Macmillan, for the Institut für Weltwirtschaft an der Universität Kiel, 1974; New York: Holmes & Meier, 1975) p. 19. The report has also been published in German (Munich: Piper, 1974), in French (Paris: Presses Universitaires de France, 1975) and in Italian (Milan: Rizzoli, 1975)Google Scholar