|
| |
| Andrew McKillop: Oil prices ... another Iran crisis? |
|
 2007 writes: Under the impact of US humiliation, and slow recovery in Iranian oil production due to the Khomeini revolution, oil prices then moved to around $42/bbl in 1979 dollars, or about $105/bbl in today's dollars.
Gold prices tracked this explosion, attaining well over $900/ounce in 2004 dollars.
At the time, there was in fact considerable spare oil production capacity, worldwide. In overall terms, this was a political crisis, rather than oil supply crisis. At no time was there a physical shortfall of more than about 2.5 million barrels/day ... although this supply cut was particularly high in late 1979-early 1980, during the Northern hemisphere's winter.
Vheadline
|
|
Posted on Friday, October 29 @ 08:18:03 PDT by aaron |
|
|
|
|
| |
|
Average Score: 4
Votes: 1
|
|
| |
|
|
|
|
| "Login" | Login/Create an Account | 0 comments |
|
| | The comments are owned by the poster. We aren't responsible for their content. |
|
|
|
|
|
| No Comments Allowed for Anonymous, please register |
|
|
|
|
|
News
Discussions
Resources
Members
