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Book Synopsis

The so-called energy crisis that burst upon the world in 1973 was not easily understood by many people. It was neither 'the beginning of the end' nor the first encounter by modern man with the natural result of his prodigality. These papers, collected in two volumes, from energy economists in the United States, Canada, and Britain all indicate that the 'crisis' was and is a short-run problem caused by government action or inaction. The problem may be complex, but it was mishandled, particularly by the United States, in terms of government policy.

The rise in the price of, and the embargo on, oil came into being because of a successful producers' cartel outside North America; oil buyers  - nations and companies  - did not respond in kind but scurried around the world in separate planes in order to ensure supplies for themselves at any price. That price became many times the cost-of-production price, despite the fact that cool analysis reveals an increase in both prod

The Energy Question Volume Two

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    A Paperback / softback by Edward Erickson, Frederick Waverman

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      Book details

      Publisher University of Toronto Press
      Published 15 December 1974
      ISBN-13 9780802062406
      978-0802062406
      ISBN-10 0802062407

      Description

      Book Synopsis

      The so-called energy crisis that burst upon the world in 1973 was not easily understood by many people. It was neither 'the beginning of the end' nor the first encounter by modern man with the natural result of his prodigality. These papers, collected in two volumes, from energy economists in the United States, Canada, and Britain all indicate that the 'crisis' was and is a short-run problem caused by government action or inaction. The problem may be complex, but it was mishandled, particularly by the United States, in terms of government policy.

      The rise in the price of, and the embargo on, oil came into being because of a successful producers' cartel outside North America; oil buyers  - nations and companies  - did not respond in kind but scurried around the world in separate planes in order to ensure supplies for themselves at any price. That price became many times the cost-of-production price, despite the fact that cool analysis reveals an increase in both prod

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