TITLE

ENERGY: AN EMERGENCY TELESCOPED

AUTHOR(S)
Stobaugh, Robert; Yergin, Daniel
PUB. DATE
December 1979
SOURCE
Foreign Affairs;1979 Special Issue, Vol. 58 Issue 3
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article focuses on the energy crisis that occurred in 1979. In absolute terms the new price increases are greater than those that accompanied the first oil shock in 1973-74, they pose even more serious challenges to the energy and economic policies of all the industrialized nations, but especially to the U.S. Strains among these nations focused increasingly on the U.S., and the record during the year was not one of good coordination or management. The international energy system seemed to be slipping out of any rational control. The U.S. overdependence on imported oil poses not only a host of old problems in graver form but at least one new one, the problem of "hostile oil" potentially decisive proportions of Middle East oil under the actual or prospective control of governments that are politically antagonistic to the U.S. Specifically, many OPEC members were asking whether rapid economic development programs would damage their long-term economic and social prospects. Some estimates indicated that up to half of the $400 billion spent by OPEC countries between 1974 and 1978 had been wasted.
ACCESSION #
4852639

 

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