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Coping with Supply Insecurity

Since the end of World War II, there have been six world oil supply disruptions, in 1951, 1956, 1967, 1973, 1979, and 1980-one year in six, and the frequency seems to be increasing. This danger will continue, for there are many sources of disruption. Although the probability of any one type in any one year is low, the chances of escaping them all for several years are also low.

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Energy Specializations: Energy Security and Geopolitics – Geopolitics of Energy

JEL Codes: Q41: Energy: Demand and Supply; Prices, Q40: Energy: General, Q35: Hydrocarbon Resources, Q37: Nonrenewable Resources and Conservation: Issues in International Trade

Keywords: Oil shocks, Oil supply insecurity, Oil prices, US, SPR, Stockpiling

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No2-1

Published in Volume 3, Number 2 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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