Third Oil Shock: Real or Imaginary? Consequences and Policy Alternatives

Philip Verleger
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Philip Verleger: Peterson Institute for International Economics

No PB00-4, Policy Briefs from Peterson Institute for International Economics

Abstract: Crude oil prices rose from $10.90 per barrel on March 10, 1999 to $33.92 per barrel exactly one year later. The price increase moved the issues of energy policy briefly from the back pages of the business section to the front page. However, the attention was brief. By early April, prices had declined by one-third and attention shifted to Microsoft, tax cuts, the election, and the stock market. Oil was quickly banished again from the public eye. No doubt, everyone hopes it will stay out of sight for another ten years.

Date: 2000-04
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