International Oil
The author finds both the view that oil-producing countries are independent agents with Saudi Arabia the dominant firm and the view that the Organization of Petroleum Exporting Countries (OPEC) is a conventional cartel to be too simplistic for making adequate analyses of the economics of international oil production and trade. Complicating the supply and demand issues are differentials in crude oil prices, margins in producing companies, and the market shares of suppliers. Noting that talk of gaps and shortages and political goals of individual countries are not useful to economic analyses, he forecasts a period of real price increases, supply surpluses, and a slow world economy. He advocates taxing schemes, such as auctioning U.S. import entitlement, to divert some OPEC revenues to the U.S. treasury.
- Research Organization:
- Massachusetts Inst. of Tech., Cambridge
- OSTI ID:
- 6410114
- Journal Information:
- Nat. Resour. J.; (United States), Journal Name: Nat. Resour. J.; (United States) Vol. 18:4; ISSN NRJOA
- Country of Publication:
- United States
- Language:
- English
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CARTELS
COMPETITION
ECONOMIC POLICY
ENERGY SOURCES
FOSSIL FUELS
FUELS
IMPORTS
INTERNATIONAL ORGANIZATIONS
MARKET
OPEC
PETROLEUM
PRODUCTION
SUPPLY AND DEMAND
TRADE