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Still a Time to Choose ...Ten Years Later

I think it is appropriate that we should end this conference on energy economics with a look at the record of the past nine years, the years since the energy world was turned upside down by the 1973 Arab oil embargo.This nation's foremost energy accomplishment of this period has not been in achieving increased production. Despite a tenfold increase in the price of crude oil, U.S. production in 1981 was about the same as in 1973. Natural gas production was down. Production of coal and uranium has gone up some, but overall, neither consumption nor domestic production of energy has increased in the last nine years.

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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, Q38: Nonrenewable Resources and Conservation: Government Policy, Q21: Renewable Resources and Conservation: Demand and Supply; Prices, Q20: Renewable Resources and Conservation: General

Keywords: Energy economics, Oil embargo, Oil supply shocks

DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-2

Published in Volume 4, Number 2 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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