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Essay / Research Paper Abstract
7 pages in length. If there is one thing that can be asserted about the oil market, it is that it is in a constant state of fluctuation. Nowhere is this more evident than when one studies the events of the 1980's in comparison to that of the contemporary oil market. There is virtually no way for such a vacillating industry to conform to forecaster predictions, as its inherent nature is to change with great regularity. Inasmuch as industry experts attempt to rein in some modicum of knowledgeable prediction, they have routinely been met with disappointment. The writer discusses how such was the case with the 1980 oil market, noting that the same has continued forward into the 1990's. Bibliography lists 4 sources.
Page Count:
7 pages (~225 words per page)
File: LM1_TLCOil80.doc
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Unformatted sample text from the term paper:
to that of the contemporary oil market. There is virtually no way for such a vacillating industry to conform to forecaster predictions, as its inherent nature is to change
with great regularity. Inasmuch as industry experts attempt to rein in some modicum of knowledgeable prediction, they have routinely been met with disappointment. Such was the case with
the 1980 oil market, and the same has continued forward into the 1990s. At the decades start, 1980 marked what was to be
a significant modification in both the economical and political structure of the oil market. The Iran-Iraq war, which ushered in the decade, was to pose a considerable problem for
the markets structure, sending industry experts into a spin in fear of the impending "major price shock" (Paddock, 1983, p. 20). However, there were a number of considerations beyond
the Iran-Iraq war that had the 1980s up in arms about its current oil market situation, including the implications of the gross national product (GNP), the overall supply and demand
cycle, as well as the existing price structure. These elements, which represent the foundation of any experts forecast, were not that easily surmised back in the 1980s, what with
all the international upheaval. "The various methods for determining international oil prices are analyzed by studying the interaction of supply and demand curves" (Stevens, 1995, p. 861).
Dimitri Aperjis, author of The Oil Market in the 1980s, attempts to reconcile the happenings of that period with the manner in which they ultimately
affected that decade, as well as the one that immediately followed it. Indeed, the 1990s continue to experience a considerable amount of run-off from the events of just ten
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