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Do Political Factors Influence U.S. Crude Oil Imports?

Author

Listed:
  • Jayson Beckman

    (Economic Research Service, 355 E Street SW,Washington, DC 20024, USA)

  • Getachew Nigatu

    (Economic Research Service, 355 E Street SW,Washington, DC 20024, USA)

Abstract

This work uses a gravity model to estimate the determinants of U.S. crude oil imports, introducing two variables tied to the political nature of trade: U.S. arm sales and the level of political freedom in a country. Model results indicate that contiguity is important for U.S. crude oil imports, but trade agreements are not. Being an OPEC member leads to more exports of crude oil to the U.S. These factors combined with the negative relationship with freedom and U.S. crude oil imports, suggests that the U.S. imports a lot of oil from countries that have little cultural and political similarities.

Suggested Citation

  • Jayson Beckman & Getachew Nigatu, 2021. "Do Political Factors Influence U.S. Crude Oil Imports?," International Journal of Energy Economics and Policy, Econjournals, vol. 11(4), pages 288-297.
    • Handle: RePEc:eco:journ2:2021-04-36
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    References listed on IDEAS

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    More about this item

    Keywords

    oil; gravity; structural break; U.S.; politics;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • F1 - International Economics - - Trade

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