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Commentary: Oil and the Economy

Published online by Cambridge University Press:  26 March 2020

Martin Weale
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Extract

Between 2000 and 2003 OPEC maintained a target range for the price of oil of US$22–28 per barrel. In early September of this year the price of oil reached US$67 per barrel. Such a rapid change in the price of oil was not anticipated either by economic forecasters or by those involved in the industry. Indeed, about a year ago, with the price of oil just over US$40 per barrel, a senior oil company executive, said that the high prices were caused by short-term factors and that prices had reached their peak. As the rise of oil prices has continued, people's thoughts have inevitably turned to the two oil crises of 1973–4 and 1979–80.

Type
Articles
Information
National Institute Economic Review , Volume 194 , October 2005 , pp. 4 - 7
Copyright
Copyright © 2005 National Institute of Economic and Social Research

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References

Barsky, R.B. and Kilian, L. (2004), ‘Oil and the macro-economy since the 1970s’, Journal of Economic Perspectives, 18, pp. 115–134.CrossRefGoogle Scholar
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