Is there an energy crisis in America's future?
Krogh, Peter F. (Peter Frederic)
Ebinger, Charles K.
Smith, Fred L.
Examines the problem of government intervention in the oil market and the sudden rise in oil prices that occurred in 1987.
In the 1970s the United States suffered through two energy crises as a result of OPEC price hikes, and in response Americans turned to more fuel-efficient cars and other conservation methods, driving down the demand for oil. Between 1985 and 1987 a slowdown in economic growth, conservation by consumers, and a substantial increase in competition amongst producers further weakened OPEC, causing oil prices to fall to even lower levels. However, this changed when OPEC agreed to limit production in the fall of 1986, causing oil prices to rise 50% in just 6 months. As fears mounted that this latest round of price increases would result in another energy crisis, some experts called for government intervention to regulate oil market prices, while others argued that the best response to rising prices was simply to let the invisible hand of the market play its course. In this episode, Fred Smith of the Competitive Enterprise Institute, a free market advocacy group, and Charles Ebinger of the Center for Strategic and International Studies examine the current state of affairs in the world oil market and the question of whether government intervention in the marketplace can prevent future energy crises.
Petroleum products -- Prices; Energy policy -- United States; Petroleum industry and trade -- Political aspects -- United States; United States -- Economic policy -- 1971-1981; Energy Policy; Energy Crisis; Organization of Petroleum Exporting Countries (OPEC); Oil Prices; Government Price Controls; Petroleum Products; Energy Policy;
North America; United States;
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