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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Jim P. who wrote (187604)1/2/2015 2:25:54 AM
From: Elroy Jetson  Read Replies (1) of 206085
 
The decline in oil price in the 1980s was actually created wholly by "demand destruction." As an example, the US imported 28 percent of its oil in 1982 and 1983, down from 46.5 percent in 1977, due to lower consumption.

From 1980 to 1986, OPEC decreased oil production several times and nearly in half to maintain oil's high prices. In 1985, daily output was around 3.5 million bpd down from around 10 million in 1981.

In the current slump in price, the big new exporter is Russia, not the Middle East. Needing a major export product post-Soviet Russia has made the same energy saving investments Europe, America and Japan made in the late 1970s and early 1980s - as did their former satellite nations. This has enabled Russia to increase their exports tremendously, even with production problems.

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