Oil Shock: The 1973 Crisis and its Economic Legacy

The ‘Oil Shock’ of 1973 - the shift from the era of low-priced oil to the era of high-priced oil - was a turning point in the history of the 20th century. This book provides an analysis of the crisis and its global political and economic impact. It features contributions from a range of perspectives and approaches, including political, economic, environmental, international and social history. The authors examine the origins of the 'oil revolution' for oil-producing countries, as well as the far-reaching effects on oil and international energy markets, international relations and the global economy; and the long term effects on the Cold War, Soviet energy policies and decolonization. In doing so, they provide a detailed picture of one of a defining event of the last century, an event that set the framework for the changes that have led to the quite different energy scenario of today.