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THE 1982 PESA AUSTRALIAN DISTINGUISHED LECTURE – OIL, GOVERNMENT, AND THE REVENUE

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THE 1982 PESA AUSTRALIAN DISTINGUISHED LECTURE – OIL, GOVERNMENT, AND THE REVENUE

 

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Publication Name: PESA Journal

Authors: B. Foster

Publication Issue: 2

Date Published: February 1983

Number of Pages: 5

Abstract:

Although with difficulty, Saudi Arabia should maintain a tenuous balance between supply and demand, thus preserving the US$34/bl crude oil marker price until 1985. Thereafter, prices are likely to rise in line with inflation or a little more rapidly, depending on the strength of world economic recovery. It may be the end ofthe
decade, or even later, but the inevitable forces of supply and demand for a wasting resource will finally push real prices sharply upwards again - the third oil shock.

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