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Oil, International Trade and Inflation

In: International Money and the Real World

Author

Listed:
  • Paul Davidson

    (University of Tennessee)

Abstract

Five small nations, Saudi Arabia, Iraq, Kuwait, Iran and the United Arab Emirates, with less than 2 per cent of the world’s population, control over two-thirds of the world’s known crude oil reserves. These nations form the backbone of the Organization of Petroleum Exporting Countries (OPEC). Since its formation in the 1960s OPEC has had as its primary goal and preoccupation the use of its control over oil supplies to continue to redistribute the world’s income and wealth from oil consuming nations to oil producing nations. This redistribution was to be accomplished via market pricing policies which generated significant economic rents to the producers without inducing the consuming nations to search for alternative energy sources to reduce the importance of oil to a minor internationally traded commodity.

Suggested Citation

  • Paul Davidson, 1992. "Oil, International Trade and Inflation," Palgrave Macmillan Books, in: International Money and the Real World, edition 0, chapter 9, pages 165-186, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37809-4_9
    DOI: 10.1057/9780230378094_9
    as

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