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The big oil price swing that occurred in 2007–9 has worried governments from oil-exporting and -importing countries. The main fact is well known. The price of WTI as it arises in the New York futures exchange (NYMEX) increased to an unprecedented height of more than $140 per barrel in early July 2008, and then collapsed in a free fall to a low of $32.40 per barrel in December 2008, less than six months later.

Oil demand in the 1990s, George Kowalski -- A world energy outlook, Lowell C.Reed -- The energy demand impact of conservation technology, John Chesshire -- Non-OPEC crude production, Andrew Gordon -- Middle East oil supplies in the 1990s, Paul Stevens -- Transport costs and capacity adjustment in the tanker market, David Hawdon -- Oil prices - a conflict of views, Eric Price et al -- Changing oil price expectations, David Hawdon.

The governments of oil-importing countries are worried about the recent high oil prices. They worry about possible macro-economic effects: inflation, recession, balance-of-payments deficits. The consumers of energy in those countries where fuels are not subsidised are angry about the higher prices of oil, gas and electricity. Unfortunately these higher prices have coincided with increases in the cost of food and other items of vital expenditures. Those who use fuels in significant quantities, such as fishermen or truck drivers, are protesting through strikes or motorway blockades in some European countries. Governments of importing countries could not remain indifferent to events too quickly labelled as the new oil price shock or the new oil crisis. Comparisons with the previous crises of the 1970s were hastily made but were more misleading than illuminating.