{"product_id":"opec-and-the-price-of-petroleum-theoretical-considerations-and-empirical-evidence-von-michael-rauscher","title":"OPEC and the Price of Petroleum","description":"1. 1. Oil price fluctuations and their impact on economic performance Drastic oil price fluctuations have been a major characteristic of the world petroleum market since the beginning of the seventies. The oil crises of 1973n4 and 1979\/80 were followed by a dramatic drop of the oil price during the first two quarters of 1986. Starting from a level less than 2 $ per barrel in 1972, the spot market price of Arabian Light crude oil increased to some 35 $ in 1980, then slowly decreased, and finally fell to 13 $ in 1986 (annual averages). If monthly data are considered, the peaks of the oil price movement look even more dramatic. In December 1980 Arabian crude was traded for more than 40 $ a barrel, and in August 1986 the price was down at 8 $ (see Fig. 1. 1). 40 30 20 10 r o 84 88 76 80 72 Figure 1. 1: The spot market price of Saudi-Arabian Light crude oil! ! Data are taken from the Petroleum Economist and the OPEC Bulletin, various issues. 2 After the Second World War petroleum has become the most important energy resource. During the fifties and sixties its price was relatively low compared to other energy 2 sources like coal and firewood and it tended to drive them out of the market.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783642839283\"\u003e\u003ch3\u003eTheoretical Considerations and Empirical Evidence\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783642839283","offer_id":39444885831773,"sku":"9783642839283","price":53.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/123eb4c6-2e78-4cb9-b343-549251dc3f7f.jpg?v=1782535517","url":"https:\/\/shop.autorenwelt.de\/products\/opec-and-the-price-of-petroleum-theoretical-considerations-and-empirical-evidence-von-michael-rauscher","provider":"Autorenwelt Shop","version":"1.0","type":"link"}