POL 208 Lecture Notes - Lecture 10: Econometrics, International Studies Quarterly, Organization Of Arab Petroleum Exporting Countries
17 Apr 2018
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Document Summary
Oil as an economic and political weapon in the 1970s. Annotated bibliography (10%) and a research essay (30%) Details about the annotated bibliography will be given during the first week of classes: barsky, r. , & kilian, l. (2004). Journal ofeconomic perspectives, 1-20. doi:10. 3386/w10855: verleger, p. k. , okun, a. , lawrence, r. , sims, c. , hall, r. , & The united states experienced the second petroleum crisis of the de- cade in 1979. American consumers were told that the cause of the crisis was a decline in iranian oil production from 5. 8 million barrels a day (mmbd) in july 1978 to 445,000 barrels a day (mbd) in january1979. The short-run consequencesof the crisis were shortages of diesel fuel and gasoline during the months of may, june, and july. At the peak of the crisis the gasoline lines were as long as or longer than those in 1974. there were also suggestions that heating oil would be in short supply in the 1979-80 winter.
