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Real Oil Prices from 1980 to 1982

In the early 1980s, soft world oil markets were accompanied by two important and unforeseen world economic developments: stagnant economic growth and an appreciating dollar. The virtual standstill in economic growth from 1980 to 1982 was well off the 3 percent-plus growth path many analysts had anticipated. This experience, coupled with large shifts in oil inventory holdings by consumers (and perhaps increased consumer responses to oil prices), has led to a steady accumulation of unused productive capacity in the world oil market.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products

JEL Codes: Q31: Nonrenewable Resources and Conservation: Demand and Supply; Prices, Q43: Energy and the Macroeconomy, Q47: Energy Forecasting, Q38: Nonrenewable Resources and Conservation: Government Policy, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q02: Commodity Markets, C43: Index Numbers and Aggregation; Leading indicators, D40: Market Structure, Pricing, and Design: General

Keywords: Oil prices, World oil market, Economic growth, Oil inventory

DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-8

Published in Volume 5, Number 3 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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