Adjusting To Volatile Energy Prices (Iie

By: Philip Verleger Jr.

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Paperback | 1 December 1993 | Edition Number 1

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Paperback
262 Pages

Age
22+

Dimensions(cm)
2.33 x 1.51 x 0.14

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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.

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Preface	p. ix
Acknowledgments	p. xiii
Introduction	p. 1
Why a Dialogue?	p. 11
Early Efforts at Energy Cooperation	p. 11
The Goals of Economic Policy	p. 16
The Views of the Protagonists	p. 17
The Economic Importance of Oil	p. 19
The Petroleum "Problem"	p. 21
Is There an Oil Price Problem?	p. 28
A Better Justification for a Dialogue	p. 36
Petroleum Markets: Function, Nature, and Performance	p. 41
The Function of Petroleum Markets	p. 42
Types of Petroleum Commodity Markets	p. 50
Measuring the Performance of Petroleum Markets	p. 67
Conclusion	p. 82
The Objectives of the Participants	p. 85
Price Stability and Market Regulation	p. 88
Reducing the Uncertainty of Demand Projections	p. 90
The Issue of Investment	p. 91
Reform of Contracts	p. 91
Security of Supply and Strategic Stocks	p. 92
Distribution of the Rents	p. 94
Environmental Questions	p. 95
Downstream Integration	p. 96
The Role of New Financial Instruments	p. 98
Conclusion	p. 99
Price Stabilization Schemes: Bad and Probably Impractical	p. 103
The Theoretical Background	p. 103
Is There an Externality?	p. 106
The Value of Buffer Stocks	p. 109
Experience from Actual Stabilization Schemes	p. 109
Proposals to Stabilize Oil Prices	p. 120
Implications of Surplus Capacity	p. 123
Costs of a Pure Buffer Stock Agreement	p. 125
Conclusion	p. 131
The Market Alternative to Price Stabilization	p. 133
Application of Alternative Instruments	p. 135
Applying New Instruments to an Old Problem	p. 139
Impediments to Hedging	p. 159
Conclusion	p. 165
Framing a Dialogue	p. 167
Barriers to Foreign Direct Investment	p. 168
Removal of Barriers to Trade	p. 184
Maintaining Open Markets	p. 194
Strategic Stockpiles	p. 201
Petroleum Taxation in Consuming Countries	p. 204
The Environmental Dimension	p. 208
An Agenda for Negotiations	p. 217
Conclusions	p. 219
Trade and Investment Negotiations: Not an Agreement to Fix Prices	p. 221
The Key Elements of an Agreement	p. 223
Economic Benefits of an ETI Agreement	p. 235
Conclusion	p. 239
Potential Gains to Oil-Producing Countries from Hedging 1991 Sales of Oil During the Fourth Quarter of 1990	p. 241
References	p. 247
Index	p. 253
Table of Contents provided by Syndetics. All Rights Reserved.

Adjusting To Volatile Energy Prices (Iie

At a Glance

Paperback

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How to return your order

Defective items

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