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The Second Oil Shock: 1979–80

In: The Developing Country Debt Crisis

Author

Listed:
  • David F. Lomax

    (National Westminster Bank plc)

Abstract

The second oil shock and the policy response to it by the OECD governments triggered off the debt crisis as we now know it. When the tightness of the oil market in 1979 allowed the possiblity of increasing the price, with Iran being most active in this direction, there was little buyer resistance and the official price for Saudi light increased 2.4 times to over $30 a barrel by October 1980. This led to a series of untoward responses.

Suggested Citation

  • David F. Lomax, 1986. "The Second Oil Shock: 1979–80," Palgrave Macmillan Books, in: The Developing Country Debt Crisis, chapter 3, pages 41-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07765-6_3
    DOI: 10.1007/978-1-349-07765-6_3
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