Facing the Elephant: Oil Market Evolution and Future Oil Crises by Michael C. Lynch

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Although it is unlikely that an oil crisis as severe as those in the 1970s seems to have subsided, this does not mean that there need be no concern... (More) Although it is unlikely that an oil crisis as severe as those in the 1970s seems to have subsided, this does not mean that there need be no concern about the damage from smaller crises. This paper looks at the factors involved in determining oil crisis severity, their current status, and their possible evolution. The author discusses the risks of a short-term supply disruption that could be large enough to cause a significant price increase and how this could be managed.(This paper by Michael C. Lynch, “Facing the Elephant: Oil Market Evolution and Future Oil Crises,” was published as Occasional Paper 30. Boulder, Colorado: The International Research Center for Energy and Economic Development, 1998. ISBN 0-918714-55-9.) (Less)