Markets during world oil supply crises: an analysis of industry, consumer, and governmental response
An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption on the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW)
- Research Organization:
- Harvard Univ., Cambridge, MA (USA). Energy and Environmental Policy Center
- DOE Contract Number:
- AM01-79PE70106
- OSTI ID:
- 6557039
- Report Number(s):
- DOE/PE/70106-T4
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
PETROLEUM
MARKET
PRICES
SUPPLY DISRUPTION
USA
PETROLEUM INDUSTRY
ECONOMIC ANALYSIS
ENERGY SHORTAGES
ENERGY SUPPLIES
GLOBAL ASPECTS
GOVERNMENT POLICIES
SOCIAL IMPACT
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
INDUSTRY
NORTH AMERICA
SHORTAGES
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
292000 - Energy Planning & Policy- Supply
Demand & Forecasting
290200 - Energy Planning & Policy- Economics & Sociology