One question that arises immediately is whether the source of the shock matters. In the 1970s and 1980s, most oil shocks seemed clearly to be on the supply side in that international producers withheld production from the world market, either because of attempts to gain more oil revenue or because of other supply interruptions, such as the Iranian Revolution.
The answers to this question are wide-ranging, and it is out of these answers that arise the implications for the future. And, finally, what are some of the short-term possibilities and long-term concerns that this experience suggests?