The Development of Energy Prices over the Last Two Decades

Over the last two decades the development of consumer prices, of energy prices in particular, was heavily influenced by three events: the first oil price shock of 1973/74, the second oil price shock of 1979/80, and the collapse of prices of crude oil in the course of the year 1986. The wide price fluctuations on the international markets for crude oil were also reflected to some extent in the development of domestic energy prices. The strongest swings were recorded for heating oil, a product with a small share of fixed taxes. Prices of solid fuels and of electricity developed very smoothly.