Petroleum Industry: - an Overview
Anwar, Naseem, Economic Review
Energy is so essential to the development process, that without proper energy sources country's development will be a pipe dream. High oil prices could lead to stagnation of industry and to the economy as a whole. Any major oil price shock is a disturbance to the economy whose first impact is to increase the cost of production, therefore, subsequent increase in the prices at which firms are willing to supply output, The first OPEC shock which produced a quadrupling of the real price of oil between 1971 and 1974, helped pushed the world economies into 1973-75 recession. Tire second OPEC price increase, in 197980 doubled the price of oil and sharply accelerated the inflation rates around …
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Publication information: Article title: Petroleum Industry: - an Overview. Contributors: Anwar, Naseem - Author. Magazine title: Economic Review. Volume: 28. Issue: 2 Publication date: February 1997. Page number: 47. © 1998 Economic and Industrial Publications. COPYRIGHT 1997 Gale Group.
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