During the 1980s and 1990s, energy security declined in importance as oil prices fell and spare capacity stood at high levels. This situation reversed in the following decade, when energy security became a priority on the policy agendas of most oil-importing countries once more. High oil prices, threats of terrorist attacks, instability in many oil-exporting countries, and the rise of so-called 'oil nationalism' raised serious concerns about oil supply security.
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