The 'Oil Shock' of 1973 - the shift from the era of low-priced oil to the era of high-priced oil - was a turning point in the history of the 20th century. This book provides an analysis of the crisis and its global political and economic impact. It features contributions from a range of perspectives and approaches, including political, economic, environmental, international and social history. The authors examine the origins of the 'oil revolution' for oil-producing countries, as well as the far-reaching effects on oil and international energy markets, international relations and the global economy; and the long term effects on the Cold War, Soviet energy policies and decolonization. In doing so, they provide a detailed picture of one of a defining event of the last century, an event that set the framework for the changes that have led to the quite different energy scenario of today.
The 1973 Crisis and its Economic Legacy