Compared with previous oil crises, the recent 50% jump in the oil price has been modest.
At the time, Japan was still recovering from the oil crises of the 1970s, and nuclear power was emerging as the alternative to foreign oil.
In real terms, adjusted for inflation, Opec's revenues in 2012 were also the highest ever, surpassing the peaks set during the oil crises of 1973-74 and 1979-81.
Nobody really knows because, save for the leap in petrol prices during the 1970s oil crises, there is little basis for estimating to what extent higher marginal costs reduce driving.
OPEC's power has been on the wane since the oil crises of the 1970s, when the cartel was able to triple prices almost overnight by restricting supply to western consumers.
The more important events, however, were the twin crises confronting the oil giant Royal Dutch Shell.
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The crises in various the smaller oil producing nations occurred once oil production and revenues dropped and subsidies declined.
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Starting with the 1997 and 1998 crises, the rise of oil prices has helped the Congolese economy to revitalize.
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To stabilize the price of oil and free the American people from the specter of energy crises, do not round up the usual suspects.
If the tribes are central to defeating him, the next government will have to balance them carefully, using Libya's oil wealth to buy support and time to address its many crises.
Of course, the model only looks at fundamentals and cannot quantify data such as the havoc caused by crises in the Islamic world and their effect on crude oil prices.
Then the Exxon Valdez oil spill of 1989, generally regarded as one of the worst-managed crises of all time, showed how it should not be done.
But it is also true that eurozone crises or earthquakes that cause tsunamis in Japan or the spike in oil prices, or other events that affect the global economy have a negative impact on the American economy.
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