This was the clear result of a tightening in supply, however. Another major fuel price shock occurred as a result of the Iranian Revolution and the subsequent Iran/Iraq War. This again caused a supply shock as two of the world's major oil producing nations were completely destabilized (Williams, 2007). In the 2000s, a number of factors have combined to drive up oil prices. Major economic gains in key, highly-populated developing

The implications of this vulnerability to volatile oil prices is simple; 'high crude prices must encourage European governments to make investments in energy sources other than oil' (Wielaard, 2005, p.1). The negative economic impact of rising oil prices is typically more severe for developing countries than for OECD (Birol, 2004, p.2). This is currently the case as high oil prices 'are badly affecting many developing countries' (Schlein, 2005, p. 1).

Oil replays 1980s bust discusses the collapse in oil prices in the mid-80s versus the collapse in oil prices in the second half of 2014. He notes that while the pace of decline was similar, than the reasons behind the decline are different. The author notes that time is an important variable. Prior to hydraulic fracking, oil projects were massive in scope and scale, and took many years and

Houston's economy is heavily dependent on the oil industry. Thus, when oil prices decline, the fortunes of Houston's economy should be expected to decline. In economics, the concept of stickiness applies. This means that the price of goods will move differently in the short run vs. The long run. Things like jobs and housing are generally sticky, so it would not be expected that the economy of Houston would change

High Oil Prices and Effect on the Economy Global oil prices have maintained a creeping trend since 2004, following the 2001 initial oil crisis (Pahl & Richter, 2009). The increase in oil prices and the expected further increase in the future pose a serious threat to the stability of the global economy. This study looks at how high oil prices affect the economies of both developed and third nations, which makes

Surging Oil Prices on the U.S. Economy Although the lingering effects of the Great Recession of 2007-2009 continue to dissipate and economic growth resumes, volatile global oil prices remain a source of concern for economists and consumers alike. While the experts debate the precise date at which peak oil will be reached and the search for alternative energy sources has assumed new importance and relevance, it is clear that the