Abstract
Two years ago, in early 1991, the third oil shock since 1973 came to an end. On this occasion, by contrast with the previous crises, the increase in prices that had begun when Iraqi troops occupied Kuwait was only short-lived. Why did oil consumers get off so lightly? Have they drawn the right lessons from the events of the seventies?
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References
Cf. International Monetary Fund: World Economic Outlook, May 1991, p. 22.
Cf. D. Yergin: The prize—the epic quest for oil, money and power, New York 1991, p. 615.
Cf. T. Stoltenberg: Building a new global, energy policy interrelationship, in: OPEC Bulletin, Vol. XXII (1991), No. 7, p. 20.
Cf. Much about nothing?, in: Energy Economist, March 1992, p. 18.
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Matthies, K. Lessons from three oil shocks. Intereconomics 28, 55–60 (1993). https://doi.org/10.1007/BF02928104
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DOI: https://doi.org/10.1007/BF02928104