The first oil price explosion 1971-1974
The 1970 price of Saudi Light crude was $1.21, of which 89 cents was excise tax. By end-1974, the price was about $11, of which 30-50 cents was a fee paid to the former owners, now operators. The detailed history of the change does not support any model of resource scarcity, nor of an over- and unde...
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| Format: | Working Paper |
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MIT Center for Energy and Environmental Policy Research
2009
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| Online Access: | http://hdl.handle.net/1721.1/50146 |