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One of the key factors contributing to strong world economic growth and low inflation in the post-World War II era was an abundance of cheap energy. Following a period of near-price stability in the 1960s, oil prices began to rise in the early 1970s along with many other commodities. Even then, the price of oil was only about $3 per barrel, and gasoline at the pump was about $0.30 per gallon.

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Oil Shocks Generate Massive Payments Imbalances

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  • 发表日期：

    2026年

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  • Nicholas P. Sargen

摘要

One of the key factors contributing to strong world economic growth and low inflation in the post-World War II era was an abundance of cheap energy. Following a period of near-price stability in the 1960s, oil prices began to rise in the early 1970s along with many other commodities. Even then, the price of oil was only about $3 per barrel, and gasoline at the pump was about $0.30 per gallon.