The Effects of the U.S. Price Control Policies on OPEC

The Effects of the U.S. Price Control Policies on OPEC
Author: Khalid M. Kisswani
Publisher:
Total Pages: 14
Release: 2015
Genre:
ISBN:
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In 1973-1974, the U.S. faced the so-called “Energy Crisis” due to the Arab oil embargo and a quadrupling of world crude oil prices by OPEC. This led the U.S. to use a “Price Control” policy in the domestic energy market. The effects of such policy are explored and well documented. However, the responses of OPEC producers to such a policy need further attention. This paper examines the effects of these price controls on OPEC's extraction path. It also examines the relation between the harm function and the change in OPEC production. The results show some evidence that OPEC did respond differently to price controls applied by the U.S. For some periods it cut production, while in other periods production levels increased. The results also show some evidence regarding Wirl (2008) that OPEC includes political support as part of its objective function when it comes to oil extraction.

Global Implications of Lower Oil Prices

Global Implications of Lower Oil Prices
Author: Mr.Aasim M. Husain
Publisher: International Monetary Fund
Total Pages: 41
Release: 2015-07-14
Genre: Business & Economics
ISBN: 151357227X
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The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.

Economic Policy and the Great Stagflation

Economic Policy and the Great Stagflation
Author: Alan S. Blinder
Publisher: Elsevier
Total Pages: 244
Release: 2013-09-11
Genre: Business & Economics
ISBN: 1483264564
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Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.