The Persian Gulf, Global Oil Resources, And International Security
AbstractThis article analyzes the interaction of politics and military security in global oil markets since the 1980s. The authors outline the historical evolution of the pricing structure that maintained a stable world oil market. They argue that the security framework underlying this pricing structure relied on a trade-off between price stability and military security that has contributed to growing political instability in individual Persian Gulf countries and the rise of Al Qaeda and similar groups. The article concludes with a discussion of the pros and cons of three possible policy approaches to this dilemma-a "hands-off" approach that is similar to the policy that prevailed between 1973 and 1990, a unilateral security system organized and led by the United States, and an international security framework. (JEL "D47", "F02", "L11", "Q32", "Q41", "Q43", "Q48") Copyright 2006 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 24 (2006)
Issue (Month): 4 (October)
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Find related papers by JEL classification:
- D47 - Microeconomics - - Market Structure and Pricing - - - Market Design
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
- Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply
- Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
- Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
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- Bharati, Rakesh & Crain, Susan J. & Kaminski, Vincent, 2012. "Clustering in crude oil prices and the target pricing zone hypothesis," Energy Economics, Elsevier, vol. 34(4), pages 1115-1123.
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