Adjusting to volatile energy prices /

Adjusting to volatile energy prices /

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Bibliographic Details
Author / Creator:Verleger, Philip K.
Imprint:Washington, DC : Institute for International Economics, 1993.
Description:262 p. : ill. ; 23 cm.
Language:English
Subject:
Petroleum products -- Prices
Petroleum industry and trade
Petroleum industry and trade.
Petroleum products -- Prices.
Format: Print Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/1407974
Hidden Bibliographic Details
ISBN:0881320692 (pbk.)
Notes:Includes bibliographical references and index.
Table of Contents:
  • Preface
  • Acknowledgments
  • Introduction
  • 1. Why a Dialogue?
  • Early Efforts at Energy Cooperation
  • The Goals of Economic Policy
  • The Views of the Protagonists
  • The Economic Importance of Oil
  • The Petroleum "Problem"
  • Is There an Oil Price Problem?
  • A Better Justification for a Dialogue
  • 2. Petroleum Markets: Function, Nature, and Performance
  • The Function of Petroleum Markets
  • Types of Petroleum Commodity Markets
  • Measuring the Performance of Petroleum Markets
  • Conclusion
  • 3. The Objectives of the Participants
  • Price Stability and Market Regulation
  • Reducing the Uncertainty of Demand Projections
  • The Issue of Investment
  • Reform of Contracts
  • Security of Supply and Strategic Stocks
  • Distribution of the Rents
  • Environmental Questions
  • Downstream Integration
  • The Role of New Financial Instruments
  • Conclusion
  • 4. Price Stabilization Schemes: Bad and Probably Impractical
  • The Theoretical Background
  • Is There an Externality?
  • The Value of Buffer Stocks
  • Experience from Actual Stabilization Schemes
  • Proposals to Stabilize Oil Prices
  • Implications of Surplus Capacity
  • Costs of a Pure Buffer Stock Agreement
  • Conclusion
  • 5. The Market Alternative to Price Stabilization
  • Application of Alternative Instruments
  • Applying New Instruments to an Old Problem
  • Impediments to Hedging
  • Conclusion
  • 6. Framing a Dialogue
  • Barriers to Foreign Direct Investment
  • Removal of Barriers to Trade
  • Maintaining Open Markets
  • Strategic Stockpiles
  • Petroleum Taxation in Consuming Countries
  • The Environmental Dimension
  • An Agenda for Negotiations
  • 7. Conclusions
  • Trade and Investment Negotiations: Not an Agreement to Fix Prices
  • The Key Elements of an Agreement
  • Economic Benefits of an ETI Agreement
  • Conclusion
  • Appendix A. Potential Gains to Oil-Producing Countries from Hedging 1991 Sales of Oil During the Fourth Quarter of 1990
  • References
  • Index

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