China)  2  2 China  0  -2  0  OECD  1998  2000  2002  2004  -2  Source: International Energy Agency  Now it is important to keep the recent rise in oil prices in perspective: it is nothing like as large in proportionate terms as occurred in the “OPEC” shocks of 1973 and 1979.
The level of real oil prices remains much lower than in either of those episodes and the share of oil in total production costs for advanced economies is much lower than it was in those days.