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Energy Prices and the U.S.Economy in 1979-1981

Abstract:
For the second time in the decade, the U.S. economy is absorbing a large sudden shock in the world price of oil. From late in 1978 to June 1979, OPEC raised the world price of oil by closeto $9 per barrel. Western industrial nations could face a repetition of the serious recession of 1974-75 on close to the same scale. The increase in the total cost of energy inputs induced by this oil price increase is about two-thirds of the increase in 1974. The potential disruption to the U.S. economy and others is a similar fraction of what occurred in the earlier episode.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Natural Gas – Markets and Prices; Electricity – Markets and Prices

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets
D42 - Market Structure, Pricing, and Design: Monopoly

Keywords: Energy prices, US economy, Economic analysis

DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-2


Published in Volume 1, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.