Oil: Its Time Allocation and Project Independence

Hoesung Lee,

HL

Hoesung Lee Rutgers—The State University

Laurence H. Falk, and

LHF

Laurence H. Falk Rutgers—The State University

Paul Davidson

PD

Paul Davidson Rutgers—The State University

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.