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The 1990 Oil Shock is Like the Others

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  • M. A. Adelman

Abstract

Since 1912, and the first shipments out of the Persian Gulf, the world price of oil has been far above the fording/developing cost of creating new reserves. The result is a huge excess of potential production, which the owners must somehow dam up to maintain the price. Since the OPEC nations took over 20 years ago, the process has been much more turbulent. First, their chief instrument for price-raising has been to provoke a crisis, or take advantage of one. Second, there has usually been not only potential excess supply but actual excess producing capacity. This makes the high price even more insecure.

Suggested Citation

  • M. A. Adelman, 1990. "The 1990 Oil Shock is Like the Others," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 1-13.
    • Handle: RePEc:aen:journl:1990v11-04-a01
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    Cited by:

    1. Omar, Ayman & Lambe, Brendan John, 2022. "Crude oil pricing and statecraft: Surprising lessons from US economic sanctions," International Review of Financial Analysis, Elsevier, vol. 83(C).
    2. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
    3. Wirl, Franz, 2009. "OPEC as a political and economical entity," European Journal of Political Economy, Elsevier, vol. 25(4), pages 399-408, December.
    4. Wirl, Franz, 2015. "Output adjusting cartels facing dynamic, convex demand under uncertainty: The case of OPEC," Economic Modelling, Elsevier, vol. 44(C), pages 307-316.
    5. Ali Akarca & Dimitri Andrianacos, 1997. "Detecting break in oil price series using the Box-Tiao method," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 3(2), pages 217-224, May.
    6. Wirl, Franz, 2008. "Resource extraction by cartels facing constraints on cooperation," Resource and Energy Economics, Elsevier, vol. 30(3), pages 409-427, August.
    7. Wirl, Franz, 2008. "Why do oil prices jump (or fall)?," Energy Policy, Elsevier, vol. 36(3), pages 1029-1043, March.
    8. S. Gurcan Gulen, 1996. "Is OPEC a Cartel? Evidence from Cointegration and Causality Tests," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 43-57.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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