TITLE

The Energy Crisis Is Over...Again

AUTHOR(S)
Weyant, John P.
PUB. DATE
September 1983
SOURCE
Challenge (05775132);Sep/Oct83, Vol. 26 Issue 4, p12
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Even someone with an optimistic outlook on world oil prices recognizes that tariffs, stockpiling, and other defenses against supply disruption are still a good idea. Two years of oversupply on the world oil market and declining real oil prices have given many people the idea that the "energy crisis" is over. As a result, some say, the best oil policy is no policy at all. The fundamental oil supply problems that surfaced during the 1970s are, however, still with us; perhaps more important, the oil policies that make sense for the rest of this century and into the next will be cheaper if we adopt them by the middle of this decade. There has been abundant evidence of chronic world oversupply of oil: consumption outside of the centrally planned economies has fallen from 51 million barrels a day (mmbd) in 1979 to about 41 mmbd in 1983. Combined with modest increases in the supply of now OPEC oil, this has pushed OPEC production down from a peak of about 31 mmbd in 1979 to an estimated average of 18 or 19 mmbd for 1983.
ACCESSION #
6149576

 

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