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Energy Prices, Inflation, and Recession, 1974-1975

The rapid escalations of energy prices, in late 1973 and early 1974 and again in mid- and late-1979, have had major adverse impactson the U.S. economy. The energy price shock of 1973-1974 played a dominant role, by most accounts, in bringing about the deep recession and high inflation of the mid-1970s. In the most recent period, the full impact is yet to be seen, but it does not appear to be minor.In a previous paper published in this journal, (volume 1, number 2, April 1980), we presented the results of our efforts to quantify the economic impact on the U.S. economy of the July 1979 oil price increases.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Natural Gas – Markets and Prices; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets
O13 - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Q34 - Natural Resources and Domestic and International Conflicts

Keywords: Energy prices, Inflation, Recession, Energy policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No3-2

Published in Volume 1, Number 3 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.