No. 05



Reduction Of Nearly 50% In OECD Economies Oil Intensity Mitigates Oil Price Shock

According to the latest issue of the OECD Economic Outlook dated December 2000, the increase in oil prices that has occurred since 1999 has resulted in a redistribution of world income and a loss to the OECD, but the negative impact of the price rise was less significant than during previous high oil price eras. The OECD area is estimated to have suffered a real income loss of...