Is the energy crisis a thing of the past? There are those who boldly assert that the spectacular about-face of the oil market since the summer of 1980 is a historic change. Thereis no doubt that the situation, characterized by the freeze on the nominal value of official prices (equivalent to a fall in real prices) decided by the Organization of Oil-Exporting Countries (OPEC) for 1982, and by the drop in nominal prices which has gathered momentum on the spot market at the beginning of 1982, is very different from the prevalent state of panic immediately following the Iranian revolution.
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