The price shock created large current account deficits in the oil-importing economies.

Bad policy, not collusion, may be at the root of this price shock.

But industry experts point to another reason for the price shock: a grave miscalculation by insurers.

"Exclusions will be out there, and price shocks are going to happen," he said.

But Ukraine's economy has been too weak to absorb this price shock.

However, for a very fine table set, be prepared for a price shock.

Since the country has virtually no natural resources of its own it was very vulnerable to these price shocks and shortages.

Consumers have been exposed to a series of price shocks.

"Nobody likes to come out with a price shock," he said.

The effect the price of oil has on an economy is known as a price shock.