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Adjusting To Volatile Energy Prices (Iie : Policy Analyses in International Economics - Philip Verleger Jr.

Adjusting To Volatile Energy Prices (Iie

Policy Analyses in International Economics

Paperback Published: December 1993
ISBN: 9780881320695
Number Of Pages: 262
For Ages: 22+ years old

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Oil price volatility has been highly criticized on many fronts, from the top-level official to the average consumer. Authorities from both producing and consuming nations have called for mechanisms to restore order to a chaotic market.
The author traces the development of petroleum commodity markets, then examines the quest by producers and consumers for stability in world oil markets. He finds that modest producer and consumer gains can be realized through negotiations that achieve removal of barriers to trade, elimination of hurdles to foreign investment, and strengthening of financial institutions.
Verleger reviews previous attempts to stabilize price fluctuations of other commodities and finds that these efforts have invariably failed. He argues that the very size of the oil market makes it unlikely that an effort to stabilize oil prices would succeed. Moreover, he shows that an oil price stabilization agreement would impose large costs on consumers.

Prefacep. ix
Acknowledgmentsp. xiii
Introductionp. 1
Why a Dialogue?p. 11
Early Efforts at Energy Cooperationp. 11
The Goals of Economic Policyp. 16
The Views of the Protagonistsp. 17
The Economic Importance of Oilp. 19
The Petroleum "Problem"p. 21
Is There an Oil Price Problem?p. 28
A Better Justification for a Dialoguep. 36
Petroleum Markets: Function, Nature, and Performancep. 41
The Function of Petroleum Marketsp. 42
Types of Petroleum Commodity Marketsp. 50
Measuring the Performance of Petroleum Marketsp. 67
Conclusionp. 82
The Objectives of the Participantsp. 85
Price Stability and Market Regulationp. 88
Reducing the Uncertainty of Demand Projectionsp. 90
The Issue of Investmentp. 91
Reform of Contractsp. 91
Security of Supply and Strategic Stocksp. 92
Distribution of the Rentsp. 94
Environmental Questionsp. 95
Downstream Integrationp. 96
The Role of New Financial Instrumentsp. 98
Conclusionp. 99
Price Stabilization Schemes: Bad and Probably Impracticalp. 103
The Theoretical Backgroundp. 103
Is There an Externality?p. 106
The Value of Buffer Stocksp. 109
Experience from Actual Stabilization Schemesp. 109
Proposals to Stabilize Oil Pricesp. 120
Implications of Surplus Capacityp. 123
Costs of a Pure Buffer Stock Agreementp. 125
Conclusionp. 131
The Market Alternative to Price Stabilizationp. 133
Application of Alternative Instrumentsp. 135
Applying New Instruments to an Old Problemp. 139
Impediments to Hedgingp. 159
Conclusionp. 165
Framing a Dialoguep. 167
Barriers to Foreign Direct Investmentp. 168
Removal of Barriers to Tradep. 184
Maintaining Open Marketsp. 194
Strategic Stockpilesp. 201
Petroleum Taxation in Consuming Countriesp. 204
The Environmental Dimensionp. 208
An Agenda for Negotiationsp. 217
Conclusionsp. 219
Trade and Investment Negotiations: Not an Agreement to Fix Pricesp. 221
The Key Elements of an Agreementp. 223
Economic Benefits of an ETI Agreementp. 235
Conclusionp. 239
Potential Gains to Oil-Producing Countries from Hedging 1991 Sales of Oil During the Fourth Quarter of 1990p. 241
Referencesp. 247
Indexp. 253
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780881320695
ISBN-10: 0881320692
Series: Policy Analyses in International Economics
Audience: Professional
For Ages: 22+ years old
Format: Paperback
Language: English
Number Of Pages: 262
Published: December 1993
Publisher: The Peterson Institute for International Economics
Country of Publication: US
Dimensions (cm): 23.5 x 15.88  x 1.27
Weight (kg): 0.41
Edition Number: 1

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