Oil Prices — A Conflict of Views

Abstract

In this chapter we include three shorter presentations which formed part of the original conference discussion of oil prices. The first, by Mr Eric Price of the UK Department of Energy, is interesting because it gives an indication of changing perceptions within official circles as to future price developments. The second, by Professor Colin Robinson of the University of Surrey, gives an assessment by an academic economist of the major issues and uncertainties surrounding all attempts at forecasting oil prices whilst coming to the view that they may well rise in the long run. The third, by Professor John Surrey of the University of Sussex, emphasises the impact of conservation and the irreversibility of investment decisions embodying current best practice technology.