The oil shock of 2005

Quiggin, John C. (2005) The oil shock of 2005. Australian Review of Public Affairs, Digest 21 November 2005: .

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Author Quiggin, John C.
Title The oil shock of 2005
Journal name Australian Review of Public Affairs   Check publisher's open access policy
ISSN 1832-1526
Publication date 2005
Sub-type Article (original research)
Open Access Status File (Publisher version)
Volume Digest
Issue 21 November 2005
Total pages 9
Place of publication Sydney, Australia
Publisher University of Sydney, Faculty of Economics and Business
Collection year 2005
Language eng
Subject C1
340299 Applied Economics not elsewhere classified
720199 Macroeconomic issues not elsewhere classified
Abstract During the course of 2005, the price of crude oil reached unprecedented high levels, at least in nominal terms. Australian motorists have become used to paying more than a dollar a litre for petrol. Given the past volatility in oil prices, often described in terms of a series of oil ‘shocks’ (the large price increases in 1973, 1979 and 1999), several questions arise. First, will current high prices persist, or will prices decline substantially as occurred after previous oil shocks? Second, is the current shortage of oil a temporary phenomenon, caused by inadequate investment in oil exploration, drilling and refining capacity, or is it a signal that the supply of oil available to the world has peaked? Third, will high oil prices lead to broader economic disruption, as is commonly supposed to have happened after previous shocks? Fourth, how painful will an adjustment to lower use of oil be? Finally, how does all this relate to our efforts to deal with the problem of climate change? This article is an effort to answer some of these questions in the light of the knowledge available to us.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

 
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Created: Wed, 15 Aug 2007, 07:36:25 EST