{"product_id":"opec-and-the-price-of-petroleum-theoretical-considerations-and-empirical-evidence-9783642839283","title":"OPEC and the Price of Petroleum: Theoretical Considerations and Empirical Evidence","description":"\u003cp\u003e • Author(s): Michael Rauscher\u003cbr\u003e • Publisher: Springer\u003cbr\u003e • Publisher Imprint: Springer\u003cbr\u003e • BISAC: Industries - General\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e1. 1. Oil price fluctuations and their impact on economic performance Drastic oil price fluctuations have been a major characteristic of the world petroleum market since the beginning of the seventies. The oil crises of 1973n4 and 1979\/80 were followed by a dramatic drop of the oil price during the first two quarters of 1986. Starting from a level less than 2 $ per barrel in 1972, the spot market price of Arabian Light crude oil increased to some 35 $ in 1980, then slowly decreased, and finally fell to 13 $ in 1986 (annual averages). If monthly data are considered, the peaks of the oil price movement look even more dramatic. In December 1980 Arabian crude was traded for more than 40 $ a barrel, and in August 1986 the price was down at 8 $ (see Fig. 1. 1). 40 30 20 10 r o 84 88 76 80 72 Figure 1. 1: The spot market price of Saudi-Arabian Light crude oil! ! Data are taken from the Petroleum Economist and the OPEC Bulletin, various issues. 2 After the Second World War petroleum has become the most important energy resource. During the fifties and sixties its price was relatively low compared to other energy 2 sources like coal and firewood and it tended to drive them out of the market.\u003c\/p\u003e","brand":"Springer","offers":[{"title":"Paperback","offer_id":45281910784151,"sku":"9783642839283","price":3672.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0666\/3471\/1191\/files\/9783642839283.webp?v=1769300578","url":"https:\/\/atlanticbooks.com\/products\/opec-and-the-price-of-petroleum-theoretical-considerations-and-empirical-evidence-9783642839283","provider":"Atlantic Books","version":"1.0","type":"link"}