Crude oil prices as determined by OPEC and market fundamentals
A detailed analysis of the causes of oil price increases during the last decade and of the consequences for price levels in the 1980s, this study includes both market fundamentals and the OPEC cartel in identifying major and minor determinants of price changes in the world crude-oil market. MacAvoy poses a scenario without OPEC, and argues that world-market supply-and-demand conditions would have resulted in the same yearly average price increases. He argues that pressuring OPEC to prevent or mitigate future price increases will not work. Instead, policymakers must view crude oil prices from a wider political and economic perspective. Only then can they successfully anticipate abrupt price changes that are inherent to the market itself. 30 references, 9 figures, 52 tables.
- OSTI ID:
- 6755271
- Country of Publication:
- United States
- Language:
- English
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POLICY AND ECONOMY
02 PETROLEUM
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PETROLEUM
MARKET
PRICES
ECONOMIC ANALYSIS
SUPPLY AND DEMAND
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
294002* - Energy Planning & Policy- Petroleum
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290200 - Energy Planning & Policy- Economics & Sociology