The 1979 “oil shock,” which was precipitated by the Iranian Revolution and compounded by the outbreak of the Iran-Iraq War, was the second major market disturbance of the decade. The curtailment of oil supplies and the skyrocketing of oil prices had far-reaching effects on producers, consumers, and the oil industry itself. The 21 essays comprising this volume examine the causes and consequences of the 1979 “shock” as well as current trends and future prospects in the global oil market in light of recent geopolitical shifts, changes in the structure of the market, global economic turmoil, and heightened concern about climate change.
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