Duccio Basosi Is Assistant Professor of History of International Relations
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OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 1 2 3 4 5 6 Duccio Basosi is Assistant Professor of History of International 7 Relations at the Ca, Foscari University of Venice. He has worked 8 extensively on the international political economyofthe 1970s and 9 1980s. Between 2011and 2016 he coordinated the researchproject 10 The, engines of growth:for aglobal history of the confl ict between 11 renewables,fossil,and fi ssile energies (1972– 1992) , ,funded by the 12 Italian Ministry of University and Research. His publications include 13 Il governo del dollaro. Interdipendenza epotere statunitensenegli anni di 14 Richard Nixon, 1969– 1973 (2006) and Finanza epetrolio. Gli Stati Uniti, 15 , , l oro nero eleconomia politica internazionale (2012). 16 17 Giuliano Garavini is currently Senior Braudel Fellow at the European 18 University Instituteand Visiting Senior Research Fellow in the 19 HumanitiesatNYU Abu Dhabi. He headed the Paduaunit of the 20 project The, engines of growth: for aglobal history of the confl ict 21 between renewable,fossil, and fi ssileenergies (1972– 1992) , ,funded by 22 the Italian Ministry of University and Research. He is the author of After 23 Empires: European Integration, Decolonization and the Challenge from 24 the Global South, 1957– 1986 (2012) as well as co-editor of Oil Shock: 25 The 1973 Crisis and its EconomicLegacy (I.B.Tauris, 2016) and of , 26 L Europe et la question énérgetique: Les années 1960/1980 (2016). 27 28 Massimiliano Trentin (PhD 2008) is Assistant Professor of History 29 and International Relations of the Middle East at the Department of 30 Political and Social Sciences, University of Bologna. He works on the 31 international history of the Middle Eastand North Africa, with aspecial 32 focusonthe interplay between diplomacy, economics and development. 33 He is author of Engineers of Modern Development:East German Experts OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris , 34 in Ba thistSyria, 1965– 1972 (2010) and La Guerra freddatedesca in 35 Siria. Diplomazia, politica ed economia, 1963– 1970 (2010, 2015); and 36 editor of The Middle East and the Cold War: BetweenSecurity and , , 37 Development (2012),and L Ultimo Califfato. L Organizzazione dello stato 38 islamico in Medio Oriente (2017).Currently,heisPrincipal Investigator 39 of the PRIN National Research Grant from the Italian Ministry of 40 Scientifi cResearch for the project The, Makingofthe Washington 41 Consensus: International assets, debts and power (1979– 91), . 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 100 ,Very well researched contributionswithexcellentdetailsand analysis 101 in retrospective.Eventhose whowereclosely involved in policy 102 making and marketing, at thetime, will enjoy readingit. They will be 103 shockedand amazed by howmuchtheymissed in theirmad rush to 104 make ends meet., 105 – Ramzi Salman, former OPEC Deputy Secretary General 106 107 Ac, omprehensive examination of the oil counter-shocks of the mid- 108 1980s and their consequences for alternativeenergy regimes, this 109 collection is amajor contribution to the history of petroleum in the late 110 twentieth century. It is amust read for anyone wishing to understandthe 111 changes in the political economy of oil at the turn of the century., , 112 – Myrna Santiago, Professor of History,StMary sCollegeof 113 California, authorof The EcologyofOil 114 ,, , , 115 The, impact of the oil counter-revolution in the 1980s has been as 116 consequential for the contemporaryenergy order as the far more studied 117 oil crises of the 1970s. This excellent collection of papers by an 118 international group of scholars will help remedy the imbalance. 119 The chapters are focused on key issues and are consistently informative 120 and provocative. Oil Counter-Shock is international and contemporary 121 history at its best., 122 – David Painter, Associate ProfessorofHistory and 123 ForeignService, GeorgetownUniversity,authorof 124 Oil and the AmericanCentury 125 126 127 128 129 130 131 132 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 133 134 135 136 137 138 OILCOUNTER- 139 140 141 142 SHOCK 143 144 145 THEPRICE COLLAPSE 146 147 OF THE1980S 148 149 150 151 152 153 EDITED BY 154 155 Duccio Basosi, Giuliano Garavini 156 and MassimilianoTrentin 157 158 159 160 161 162 163 164 165 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 166 Thepublication of this book hasbenefi tedfromacontribution 167 from theFIRB2010 Project ,Theengines of growth:for aglobal history 168 of theconfl ictbetween renewables,fossil, and fi ssile energies(1972– 169 1992), ,fundedbythe ItalianMinistryofUniversityand Research 170 (RBFR10JOTQ_001). 171 172 173 174 Published in 2018 by 175 I.B.Tauris &Co. Ltd 176 London • New York 177 www.ibtauris.com 178 Copyright editorial selection q 2018 Duccio Basosi, Giuliano Garavini 179 and Massimiliano Trentin 180 Copyright individual chapters q 2018 Duccio Basosi, Elisabetta Bini, Juan Carlos Bouè, Claudia Castiglioni, Martin Chick, Dag Harald Claes, Duncan Connors, Angela Faloppa, 181 Giovanni Favero, Giuliano Garavini, Einar Lie, Ibrahim Al-Marashi, Victor McFarland, 182 Majid Al-Moneef, Francesco Petrini, Angela Santese, Catherine Schenk, 183 Olga Skorokhodova, David E. Spiro, Massimiliano Trentin, Eshref Trushin, Henning Türk 184 The right of Duccio Basosi, Giuliano Garavini and MassimilianoTrentin to be identifi ed as the editors of this work has been asserted by the editors in accordance with the 185 Copyright, Designs and Patents Act 1988. 186 All rights reserved. Except for brief quotations in areview, this book, or any part thereof, 187 may not be reproduced, stored in or introduced into aretrieval system, or transmitted, 188 in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. 189 190 References to websites were correct at the time of writing. 191 International Library of Twentieth Century History 192 ISBN: 978 178831 333 9 eISBN: 978 178672 411 3 193 ePDF: 978 178673 411 2 194 Afull CIP record for this book is available from the British Library 195 Afull CIP record is available from the Library of Congress 196 Library of Congress Catalog Card Number: available 197 Typeset in Minion Pro by OKS Prepress Services, Chennai, India 198 Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 199 200 201 202 203 204 205 Yet to providethe text for dedication page 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris 265 266 267 268 269 270 271 Contents 272 273 274 275 276 277 List of Figuresand Tables xii 278 List of Contributors xv 279 280 Introduction Counter-Shockand Counter-Revolution 1 281 Duccio Basosi,Giuliano Garavini and Massimiliano Trentin 282 283 PART IOIL PRICES IN CONTEXT 13 284 1. Price Regimes,Price Series and Price Trends: Oil Shocks 285 and Counter-ShocksinHistorical Perspective 15 286 Giovanni Favero and Angela Faloppa 287 288 2. The Roleofthe Dollar and the Justifi catory Discourse 289 of Neoliberalism 35 290 David E. Spiro 291 3. The Oil Marketand Global Financeinthe 1980s 55 292 Catherine R. Schenk 293 4. Counter-Shocked? The OilMajors and the Price Slump 294 of the 1980s76 295 FrancescoPetrini 296 297 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris x Oil Counter-Shock 298 PART II THEPRODUCERS: OPEC 97 299 300 5. Saudi Arabia and the Counter-Shock of 1986 99 301 Majid Al-Moneef 302 6. Iran and the Counter-Shock:Oil as aWeapon 303 (for Survival) 117 304 ClaudiaCastiglioni 305 7. Iraq, Saudi Arabia, and the Counter-Shock 140 306 Ibrahim Al-Marashi 307 308 PART III THEPRODUCERS: NON-OPEC 159 309 310 8. Abandoning EnforcedAutarky for Re-Insertion 311 in the World PetroleumMarket: Mexican Oil 312 Policy, 1976– 86 161 313 Juan Carlos Boué 314 9. The Double Shock: The Soviet Energy Crisisand the 315 Oil Price Collapse of 1986 180 316 Olga Skorokhodova 317 318 10. The Counter-ShockinNorwegian Oil History 199 319 Einar Lie and Dag Harald Claes 320 11. Counter-Shock or After-Shock? North Sea Oil and 321 Economics as Politics in the UK, 1973– 86 218 322 Martin Chick 323 324 PART IV THE CONSUMERS 239 325 , 326 12. Reducing Dependence on OPEC Oil: The IEA sEnergy 327 Strategy between1976 and the Mid-1980s 241 328 Henning Türk 329 330 OCS Prelims— 1/2/2018— NANDHINI.P— 571958— IBTauris Contents xi 331 13. The United States and the Oil Price Collapse of the 1980s 259 332 Victor McFarland 333 14. Backtothe Future: Changes in Energy Cultures and 334 Patterns of Consumption in the United States, 1973– 86 278 335 Elisabetta Bini 336 337 PART VENERGYAND ENVIRONMENTAL CHALLENGES 297 338 339 15. The Rise of Environmentalist Movements and the Debate 340 on Alternative Sources of Energy during the Oil Crisis 341 in the United States 299 342 Angela Santese 343 16. The RoleofNuclear Reactor Technology on the Development 344 of the Nuclear Industry and Decision Makinginthe 345 Context of the PriceFluctuations of the 1970s and 1980s 317 346 Duncan Connors and EshrefTrushin 347 348 17.