{"product_id":"9783642839283","title":"Studies in International Economics and Institutions: Theoretical Considerations and Empirical Evidence","description":"\u003ch1\u003eStudies in International Economics and Institutions: Theoretical Considerations and Empirical Evidence\u003c\/h1\u003e \u003ch2\u003eRauscher, Michael\u003c\/h2\u003e \u003cp\u003e1. 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.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 2012-03-14\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003eISBN-13: 9783642839283\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-3-642-83926-9\u003c\/p\u003e \u003cp\u003eDimensions: 242cm x170cm\u003c\/p\u003e \u003cp\u003ePages: 206\u003c\/p\u003e ","brand":"Springer Berlin Heidelberg","offers":[{"title":"Default Title","offer_id":44408156749964,"sku":"9783642839283","price":49.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783642839283.jpg?v=1776519473","url":"https:\/\/lateknightbooks.com\/products\/9783642839283","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}