Energy Prices and the U.S. Economy in 1979-1981

Knut Anton Mork and Robert E. Hail

The Energy Journal, 1980, vol. 1, issue 2, 41-53

Abstract: For the second time in the decade, the U.S. economy is absorbing a large sudden shock in the world price of oil. From late in 1978 to June 1979, OPEC raised the world price of oil by close to $9 per barrel. Western industrial nations could face a repetition of the serious recession of 1974-75 on close to the same scale. The increase in the total cost of energy inputs induced by this oil price increase is about two-thirds of the increase in 1974. The potential disruption to the U.S. economy and others is a similar fraction of what occurred in the earlier episode.

Keywords: Energy prices; US economy; Economic analysis (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:1:y:1980:i:2:p:41-53

DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-2

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