Munich Personal RePEc Archive

The world oil market, past and future

Chichilnisky, Graciela and Heal, Geoffrey (1984): The world oil market, past and future. Published in: The Columbia Journal of World Business , Vol. XIX, No. no. 7 (1984): pp. 47-55.


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Oil price behavior has changed dramatically in the last twenty years. These changes can be explained rather simply in terms of the delayed responses of supply and demand to prices, and in terms of changes in the rate of discovery of reserves. This analysis can be used to forecast possible future developments.

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