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Will Economic Recovery Drive up World Oil Prices?


  • F. Gerard Adams


Globalisation has gone a long way towards freeing individual economies from their resource and technology constraints. But, paradoxically, as large economies grow, their need for resources may strain availability on a worldwide basis, causing commodity prices to rise, with adverse consequences for inflation, trade balance and growth. This paper is concerned with recent developments, focusing particularly on the petroleum market. The recent upsurge and collapse of world petroleum prices reflects underlying demand and supply conditions, augmented by speculative behaviour. Even though petroleum prices have declined as the world economy has gone into recession, the conflict between growth of demand for petroleum and resource availability may reappear during the recovery phase of the cycle.

Suggested Citation

  • F. Gerard Adams, 2009. "Will Economic Recovery Drive up World Oil Prices?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(2), pages 1-26, April.
  • Handle: RePEc:wej:wldecn:374

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    References listed on IDEAS

    1. Gregory Mankiw, N. & Swagel, Phillip, 2006. "The politics and economics of offshore outsourcing," Journal of Monetary Economics, Elsevier, vol. 53(5), pages 1027-1056, July.
    2. David H. Autor & Frank Levy & Richard J. Murnane, 2003. "The skill content of recent technological change: an empirical exploration," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
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    Cited by:

    1. Byron Gangnes, 2010. "Alternative Policies for US Economic Recovery," Working Papers 201002, University of Hawaii at Manoa, Department of Economics.
    2. Andrew Filardo & Marco Jacopo Lombardi, 2014. "Has Asian emerging market monetary policy been too procyclical when responding to swings in commodity prices?," BIS Papers chapters,in: Bank for International Settlements (ed.), Globalisation, inflation and monetary policy in Asia and the Pacific, volume 77, pages 129-153 Bank for International Settlements.
    3. Ken Coutts & Bob Rowthorn, 2009. "Prospects for the UK Balance of Payments," Working Papers wp394, Centre for Business Research, University of Cambridge.

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