Oil and international energy
AbstractThis article focuses on issues surrounding international oil markets within the wider context of international energy, the global economy, and conflicting agendas such as energy security and climate change. It is suggested that important aspects of the current situation appear 'unsustainable'--increasing uncertainty and raising methodological difficulties for any assessment of likely future developments. It is argued that the dynamics of oil prices during the 2002--9 cycle reflected great uncertainty about future 'fundamentals' as well as the absence of previously anticipated stabilizing feedbacks from supply, from demand, or from policy. It is suggested that damaging oil-price swings could be moderated by better policy, though probably not by financial regulation. In the longer term, the uncertainties remain very great, especially since the tensions between a realist view of likely energy-market developments and the imperatives of the climate change agenda remain unresolved. A wide range of policies in producer and consumer countries are likely to affect not only oil prices but also the contentious issue of the distribution of rents within the industry. Copyright 2011, Oxford University Press.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 27 (2011)
Issue (Month): 1 (Spring)
Contact details of provider:
Web page: http://oxrep.oupjournals.org/
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.