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Oil Counter-shock: The Price Collapse of the 1980s

Oil Counter-shock: The Price Collapse of the 1980s
Duccio Basosi, Giuliano Garavini, Massimiliano Trentin

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The oil price collapse of 1985-86 had momentous consequences globally: in terms of prevailing energy paradigms, the non-fossil fuel alternatives simply turned uncompetitive while huge new markets opened up for fossil fuels, particularly in China and India. In international relations, the previous talk of an OPEC `imperium' was turned upside-down. This volume is the first to put the oil price `counter-shock' of the mid-1980s into historical perspective. Compared to the much-debated 1973 `oil shock', the `counter-shock' has not received the same degree of attention. The fall in oil prices and the consequences for different nations have traditionally been seen simply as the result of the marketplace finally making its way into the energy realm after years of `politicised' conflicts. The contributors show that the `counter-shock' was the result of a set of processes that had developed over the previous ten years in a number of fields: from pricing mechanisms to intra-OPEC discipline; from Saudi Arabia's policies as a producer to America's policies as a consumer; from expectations nurtured by politicians across the globe to ideas about development and environment; from relations between the National Oil Companies and their respective governments to international financial relations. Featuring some of the most knowledgeable experts in the field, this book deals with these issues with a balanced approach between the global picture and local study cases. In particular, it highlights the crucial interaction between the oil counter-shock and the political `counter-revolution' against state intrusion in economic management put forward by Ronald Reagan and Margaret Thatcher in the same period.

Table of Contents

List of Illustrations
List of Contributors

Introduction: Counter-shock and counter-revolution by Duccio Basosi, Giuliano Garavini and Massimiliano Trentin

PART I: OIL PRICES IN CONTEXT
1. Price regimes, price series and price trends: oil shocks and counter-shocks in historical perspective by Giovanni Favero and Angela Faloppa
2. The role of the dollar and the justificatory discourse of neoliberalism by David E. Spiro
3. The oil market and global finance in the 1980s by Catherine R. Schenk
4. Counter-shocked? The oil majors and the price slump of the 1980s by Francesco Petrini

PART II: THE PRODUCERS: OPEC
5. Saudi Arabia and the counter-shock of 1986 by Majid Al-Moneef
6. Iran and the counter-shock: oil as a weapon (for survival) by Claudia Castiglioni
7. Iraq, Saudi Arabia, and the counter-shock by Ibrahim Al-Marashi

PART III: THE PRODUCERS: NON-OPEC
8. Abandoning enforced autarky for re-insertion in the world petroleum market: Mexican oil policy, 1976-86 by Juan Carlos Boué
9. The double shock: the Soviet energy crisis and the oil price collapse of 1986 by Olga Skorokhodova
10. The counter-shock in Norwegian oil history by Einar Lie and Dag Harald Claes
11. Counter-shock or after-shock? North Sea oil and economics as politics in the UK, 1973-86 by Martin Chick

PART IV: THE CONSUMERS
12. Reducing dependence on OPEC-oil. The IEA’s energy strategy between 1976 and the mid-1980s by Henning Türk
13. The United States and the oil price collapse of the 1980s by Victor McFarland
14. Back to the future: changes in energy cultures and patterns of consumption in the United States, 1973-86 by Elisabetta Bini

PART V: ENERGY AND ENVIRONMENTAL CHALLENGES
15. The rise of environmentalist movements and the debate on alternative sources of energy during the oil crisis in the United States by Angela Santese
16. The role of nuclear reactor technology on the development of the nuclear industry and decision making in the context of the price fluctuations of the 1970s and 1980s by Duncan Connors and Eshref Trushin
17. A small window. The opportunities for renewable energies from shock to counter-shock by Duccio Basosi

Notes
Bibliography
Index

Author Info

Duccio Basosi is Assistant Professor of History of International Relations at the Ca' Foscari University of Venice. He has worked extensively on the international political economy of the 1970s and 1980s. Between 2011 and 2016 he has coordinated the research project The Engines of Growth: A Global History of the Conflict between Renewables, Fossil and Fissile Energies 1972-1992, funded by the Italian Ministry of University and Research.

Giuliano Garavini is Senior Braudel Fellow at the European University Institute (EUI) in Florence and Visiting Senior Research Fellow in the Humanities at NYU Abu Dhabi. He headed the Padua unit of the project `The engines of growth: for a global history of the conflict between renewable, fossil, and fissile energies, 1972-1992', funded by the Italian Ministry of University and Research. He is the author of After Empires. European Integration, Decolonization and the Challenge from the Global South, 1957-1986 and co-editor of Oil Shock. The 1973 Crisis and its Economic Legacy.

Massimiliano Trentin is Assistant Professor of History and International relations of the Middle East at the Department of Political and Social Sciences, University of Bologna. He works on the International History of the Middle East and North Africa, with a special focus on the interplay between diplomacy, economics and development. He is the author of Engineers of Modern Development: East German Experts in Ba'thist Syria, 1965-1972, and editor of The Middle East and the Cold War: Between Security and Development. He is the Principal Investigator of the PRIN National Research Grant from the Italian Ministry of Scientific Research for the project The Making of the Washington Consensus: International Assets, Debts and Power 1979-1991.

Bibliographic Info

Imprint: I.B.Tauris
Publisher: I.B.Tauris & Co. Ltd.
Series: International Library of Twentieth Century History

Hardback
ISBN: 9781788313339
Publication Date: 29 Apr 2018
Number of Pages: 352
Height: 216
Width: 138
Illustrations: 12 black and white integrated illustrations

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