Abstract
One of the key factors contributing to strong world economic growth and low inflation in the post-World War II era was an abundance of cheap energy. Following a period of near-price stability in the 1960s, oil prices began to rise in the early 1970s along with many other commodities. Even then, the price of oil was only about $3 per barrel, and gasoline at the pump was about $0.30 per gallon.
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Sargen, N.P. (2016). Oil Shocks Generate Massive Payments Imbalances. In: Global Shocks. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-41105-7_3
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DOI: https://doi.org/10.1007/978-3-319-41105-7_3
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Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-41104-0
Online ISBN: 978-3-319-41105-7
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