Oil and the Decline of the West

Bibliographic Data

ID4452634
AuthorsWalter J Levy (corresponding author)
Year1980
Volume58
Issue5
Pages999
Publication date1980-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueForeign Affairs (JOURNAL)
Journal identifiersISSN: 0015-7120 • E-ISSN: 2327-7793
PublisherJSTOR (PUBLISHER)
DOI10.2307/20040578
OpenAlexW1595090758
LanguageEN
Citations received9

Panic buying on the spot market by oil-importing countries led to higher prices and treatened supplies to established market channels. A need for coordinated and cooperative policies among the importing countries became apparent in 1979, although the significance was lost on many governments and the relevant international institutions lacked the power or support to step in. The impacts of this situation are reviewed for the mid-term (to 1985) and the indefinite future. The analysis suggests that the real price of oil must be kept manageable during the 25-year transition period to oil alternatives, but this requires effective cooperation between oil-exporting and oil-importing countries and implies that threats to international stability must be contained or neutralized. Since these two conditions are unlikely, a series of major crises and conflicts should be expected. (DCK)

Development economics · Economics · Geography · Political science · Natural Resources and Economic Development

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