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Gas trade in the European community during the 1970s:A model analysis

Authors
Journal
Energy Economics
0140-9883
Publisher
Elsevier
Publication Date
Volume
7
Issue
2
Identifiers
DOI: 10.1016/0140-9883(85)90025-8
Keywords
  • Gas Market
  • European Community
  • Partial Equilibrium Model

Abstract

Abstract The European gas market has the reputation of being ruled by secrecy and particular deals; this paper tries to explain its development during the 1970s in terms of market equilibrium. More precisely, we focus with a partial equilibrium model (GTM) on three important years for gas industry and show that, while equilibrium can easily qualify 1974, short-term considerations have to be introduced to explain the market in 1978. The analysis is further pursued until 1980 where we investigate the price increases that took place during that period.

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