Europe — a loosening link to oil prices
Bill White Researcher/writer for the Office of the Federal Coordinator
As occurred in Japan, the Arab oil embargo of 1973 hit European utilities between the eyes. The six-month embargo slashed world oil production by about 4 percent. An assertive OPEC pushed a doubling of world oil prices from 1972 to 1975.
Western European demand for oil plunged 23 percent during thos....
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The oil-gas price link The British difference
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