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24 Nat. Resources J. 351 (1984)
Energy Strategies for Oil Importing Developing Countries

handle is hein.journals/narj24 and id is 361 raw text is: MOHAN MUNASINGHE* Energy Strategies for Oil Importing Developing Countriest INTRODUCTION The two rapid oil price increases during 1973-74 and 1979-80 have left a lasting impact on the entire world. While the economies of all countries, except the oil exporters, have suffered, the most adverse consequences were felt by the group of oil importing developing countries (OIDCs) (see Ap- pendix for a complete list of both low and middle income OIDCs). This paper seeks to identify possible adjustment strategies that the OIDCs might adopt in the coming years. Before attempting to do so, two salient points should be recognized. First, the economic adjustments that OIDCs had to make in the past were, to a large extent, governed by the global environment because of tight international linkages via trade, bor- rowing, investment, and aid. Therefore, any analysis of the OIDCs' future prospects and policy options must begin with a general understanding of how the world economy coped with the two oil-price shocks, and how external conditions specifically affected the oil importers. Second, energy related problems cannot be meaningfully separated from development issues, especially in the context of the developing countries. Accordingly, potentially useful strategies for energy management and planning are closely linked with successful development policies for management and adjustment of national economies. The remainder of this paper is structured as follows: the upcoming section seeks to analyze the impact of the past oil crises on the world economy in general, and on the oil importers in particular. Energy and economic development issues in the OIDCs are described in the next section. In the final section, future energy options and adjustment strat- egies that are likely to be successful in the OIDCs are discussed. THE EFFECTS OF PAST OIL PRICE INCREASES World Economy During the past decade, international oil prices have risen sharply twice, *Senior Energy Advisor to the President of Sri Lanka; also, Senior Economist-Engineer, The World Bank, presently on leave of absence. tThe opinions expressed in this paper are the author's, and do not necessarily reflect the views of the Sri Lanka government or the World Bank.

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