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Third Oil Shock: Real or Imaginary? Consequences and Policy Alternatives

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  • Philip K. Verleger

    (Peterson Institute for International Economics)

Abstract

Crude oil prices rose from $10.90 per barrel on March 10, 1999 to $33.92 per barrel exactly one year later. The price increase moved the issues of energy policy briefly from the back pages of the business section to the front page. However, the attention was brief. By early April, prices had declined by one-third and attention shifted to Microsoft, tax cuts, the election, and the stock market. Oil was quickly banished again from the public eye. No doubt, everyone hopes it will stay out of sight for another ten years.

Suggested Citation

  • Philip K. Verleger, 2000. "Third Oil Shock: Real or Imaginary? Consequences and Policy Alternatives," Policy Briefs PB00-4, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb00-4
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    File URL: https://www.piie.com/publications/policy-briefs/third-oil-shock-real-or-imaginary-consequences-and-policy-alternatives
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    Cited by:

    1. Jane Sneddon Little, 2000. "Recent developments in U.S. energy markets: a background note," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-18.

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