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High Oil Prices: Implications and Prospects

Published online by Cambridge University Press:  26 March 2020

Martin Weale
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Extract

The sharp rise in the real price of oil has taken it up to or above the levels seen after the second oil crisis of the late 1970s (depending on the currency considered) and has been, to say the least, somewhat disruptive to a world which had anticipated relatively cheap oil, probably for the indefinite future. At the very least, it is hard to imagine that some major consuming countries would have saved as little as they did, had they given proper attention to oil's status as an exhaustible resource. In this commentary the current situation is viewed from that perspective. The short-term impact of high oil prices is discussed on pp. 34–8.

Type
Articles
Information
National Institute Economic Review , Volume 205 , July 2008 , pp. 4 - 7
Copyright
Copyright © 2008 National Institute of Economic and Social Research

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References

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