Dan yergin the prize5/26/2023 The optimism of Clinton's America and the onward march of globalised trade in the 90s came during a period of low oil prices the pessimism of the past few years arrived with the unprecedented surge in its cost. The Soviet empire flourished on the back of the oil price shocks of the 1970s, and collapsed when oil prices plummeted in the mid-80s. Crude oil price fluctuations have wrecked economies and saved them. Triple-digit oil prices are stunting the recovery now.ĭaniel Yergin's new book, The Quest, makes oil the moving force in the post-cold war era. Soaring fuel costs ate away disposable incomes. The spike meant the big consumer economies of the west were transferring an extra $700bn a year to cover their fuel bill, a colossal cash transfer from high-spending economies to high-saving oil exporters such as Saudi Arabia. In just four years, oil prices rose by more than 300% to their peak above $147 a barrel in the summer of 2008. The oil-price spike of 2008 caused the crash and the surge in crude markets since the beginning of 2011 is bringing the world's economy to the brink again.
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