ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A Response

The price of oil moved from $45 per barrel in mid-2006 to about $145 in 2008, then corrected to $40 before surging to $130 over the next three years. It has been consistently trading at around $100 since.1 In contrast, the movement of oil production2 and its consumption3 between the years 2000 to 2012, stayed within a 10% band.

Such movements in the price of oil have national security implications for large, dependent consumers such as India, which import 75% of its energy needs and is gradually moving to a global market-linked pricing architecture.

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