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The world oil market, past and future

Author

Listed:
  • Chichilnisky, Graciela
  • Heal, Geoffrey

Abstract

Oil price behavior has changed dramatically in the last twenty years. These changes can be explained rather simply in terms of the delayed responses of supply and demand to prices, and in terms of changes in the rate of discovery of reserves. This analysis can be used to forecast possible future developments.

Suggested Citation

  • Chichilnisky, Graciela & Heal, Geoffrey, 1984. "The world oil market, past and future," MPRA Paper 8079, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:8079
    as

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    File URL: https://mpra.ub.uni-muenchen.de/8079/1/MPRA_paper_8079.pdf
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    References listed on IDEAS

    as
    1. Barry Eichengreen & Jurgen von Hagen, 1996. "Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?," NBER Working Papers 5517, National Bureau of Economic Research, Inc.
    2. Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
    3. Wallace E. Oates, 1999. "An Essay on Fiscal Federalism," Journal of Economic Literature, American Economic Association, vol. 37(3), pages 1120-1149, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    oil; crude oil; oil market; prices; supply and demand; monopsony; OPEC; expectations; imports; exports; trade; Middle Eastern politics;

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services

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