ResearchBPEA | 1974 No. 2
Oil: Its Time Allocation and Project Independence
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.