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

Author

Listed:
  • Knut Anton Mork
  • Robert E. Hail

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.

Suggested Citation

  • Knut Anton Mork & Robert E. Hail, 1980. "Energy Prices and the U.S. Economy in 1979-1981," The Energy Journal, , vol. 1(2), pages 41-53, April.
    • Handle: 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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