International Energy Crisis and the Socialist Countries *

Abstract

If the oil crisis (precipitated by the sharp rise in prices consequent upon the decision of the oil-producing countries of the Middle East to use oil as a political weapon) did not produce in the socialist countries, both of Europe and of Asia, the traumatic shock waves that it produced in the West, it was partly because of their socio-economic structure and partly because of their judicious use and sharing between themselves of their overall energy resources, reinforced with appropriate conservation measures. The paper therefore goes beyond such emergency measure as might have been necessary to take stock of their energy resources, discuss their oil policy (with special reference to the East-West and North-South dimensions), analyse their pricing policy, and throw light on their efforts, both short-term and long-term, to augment their resources.