Déjà Vu All Over Again: Another Oil Price Fiasco
Article from: OGEL 4 (2016), in Economic and Commercial Context for Oil, Gas and Energy Law
Introduction
March 2015 - The current oil market situation has a familiar and disheartening ring to us. In September 1986, we presented an analysis to the Oxford Energy Seminar in which we estimated the high cost of an OPEC decision to pursue market share rather than defend a target price. Our presentation was published in Middle East Economic Survey [Vol. XXIX, No. 52, 6 October 1986] and later included in a collection of articles edited by Robert Mabro [The 1986 Oil Price Crisis: Economic Effects and Policy Responses, Oxford Institute for Energy Studies, 1988, Chapter 7]. Again this past ...