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The First Oil Shock: 1973–4

In: The Developing Country Debt Crisis

Author

Listed:
  • David F. Lomax

    (National Westminster Bank plc)

Abstract

In the years up to 1973 the oil market became tighter with moderate but steady increases in the oil price. Late in 1973, at the time of the Yom Kippur War, the OPEC countries took advantage of this market situation by engaging in a joint offensive to increase the price. Further price increases took place during 1974, phased in accordance with the policies of the individual countries and the demand in the market, and the official price reached $10.72 a barrel in 1975, almost four times the price two years previously (see Table 2.1).

Suggested Citation

  • David F. Lomax, 1986. "The First Oil Shock: 1973–4," Palgrave Macmillan Books, in: The Developing Country Debt Crisis, chapter 2, pages 15-40, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07765-6_2
    DOI: 10.1007/978-1-349-07765-6_2
    as

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