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The continuing threat of oil supply interruptions

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  • John Weyant

Abstract

The reaction of oil-importing nations to the energy crisis of the 1970s offers insight into a common characteristic of government behavior. Nations often fail to prepare themselves for potentially disastrous crises even when the probability of crisis seems high. Policymakers seem unwilling to confront the fact, for instance, that the oil glut does not insulate importing nations against sudden interruptions in supply. In any case, the glut will very likely have evaporated by 1990, when U.S. vulnerability will be sharply intensified. Despite the favorable opportunities for stockpiling and planning during the glut, the political process appears unable to respond.

Suggested Citation

  • John Weyant, 1984. "The continuing threat of oil supply interruptions," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 3(3), pages 393-405.
    • Handle: RePEc:wly:jpamgt:v:3:y:1984:i:3:p:393-405
    DOI: 10.1002/pam.4050030305
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    Cited by:

    1. Barrera, Carlos, 2010. "¿Respuesta asimétrica de precios domésticos de combustibles ante choques en el WTI?," Working Papers 2010-016, Banco Central de Reserva del Perú.

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