BPEA | 1974 No. 2

Oil: Its Time Allocation and Project Independence

Hoesung Lee,
Hoesung Lee Rutgers—The State University
Laurence H. Falk, and
Laurence H. Falk Rutgers—The State University
Paul Davidson
Paul Davidson Rutgers—The State University

1974, No. 2

IN 1973, THE onset of an energy crisis in a world that for a century had been plagued by potential oversupply of fossil fuels at existing market prices caught many knowledgeable observers by surprise. The energy shortage immediately generated a search for a scapegoat or a rational explanation of the predicament of the highly developed, capitalist economies, heavily based on energy resources, of the United States, Western Europe, and Japan.