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Since the first petroleum crisis in 1973-74 oil prices have risen considerably. One reason for this has been that oil consumers have been insensitive to price changes. In the short run it has been difficult to find any viable fuel alternative .
A study of o i l developments during ‘1978-82 may provide some important insights into the operation of the pricing mechanism for petroleum in international trade. First of all, this period enables us to study the behaviour of oil producers in both arising and a falling market. In 1979/80 excess demand pushed prices up more […]
OIES’s @thierry_bros in @ru_rbc "...it is going to be difficult but essential to move to € denominated commodity tr… https://t.co/9wCsJakTpS
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