The New Global Oil Market: Understanding Energy Issues in the World Economy

The New Global Oil Market: Understanding Energy Issues in the World Economy

The New Global Oil Market: Understanding Energy Issues in the World Economy

The New Global Oil Market: Understanding Energy Issues in the World Economy

Synopsis

In the emerging post-Cold War new world order, the economics and politics of the oil industry will be quite different. New approaches and mechanisms are under way to deal with new challenges and old difficulties, such as environmental imperatives and the uncertainty of prices and availability. This edited volume provides an authoritative and comprehensive view of changing oil markets through informative discussions on global oil reserves, production and consumption trends, futures markets, refining, the political economy, and global environmental concerns. A very useful tool for researchers, scholars, and businesspeople in energy and environmental policy economics, political economics, economics of natural resources, and regional economics.

Excerpt

The end of the Cold War has culminated in the idea of globalization of business, including the oil markets. Rivalry between the superpowers in the last 50 years led to many political and military confrontations that affected the economics of oil markets in an unprecedented way. For example, the Arab-Israeli conflicts in the 1960s led to an oil embargo imposed by Arabic countries that changed the politics as well as the economics of oil markets. In no time, oil became a strategic commodity in the eyes of producers and consumers. In an emerging post- Cold War new world order, the economics and politics of the oil industry will be quite different than what it was earlier. Already, new approaches and mechanisms are under way that will deal with new challenges and old difficulties such as environmental imperatives and the uncertainty of oil prices and availability.

This volume deals with these new challenges facing global oil markets and attempts to provide an authoritative and comprehensive view of the changing global oil markets. Part I provides an informative discussion of global oil reserves, production, and consumption trends. It also presents the latest developments in the areas of oil pricing, futures markets, oil marketing, and refining. Part II deals with the political economy of global oil markets. The historical role of international oil cartels and agencies is also discussed. Global environmental concerns are dealt with in Part III. A thorough discussion of alternative sources of energy and their impact on the environment is presented. Finally, Part IV addresses issues related to energy and national security as well as public policy choices available domestically and internationally.

The views presented in this volume are those of the authors and do not represent the official views of their affiliated organizations. No attempt was made to accept or reject a submitted manuscript based on its orientation or conclusions.

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