World Oil: Market or Mayhem?

Many observers regard the world oil market as a puzzle. Why are oil prices so volatile? Why did prices spike in the summer of 2008, and what role did speculators play? How important is OPEC? Where are oil prices headed in the long run? Is “peak oil” a genuine concern? Any attempt to answer these que...

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Published in:The Journal of economic perspectives 2009-07, Vol.23 (3), p.145-164
Main Author: Smith, James L.
Format: Article
Language:English
Subjects:
Cartels
Commodities
Crude oil
Crude oil prices
Economic theory
Economics
Energy economics
Energy market
Exports
Futures contracts
Futures market
International market
International trade
Market prices
Natural resources
Oil companies
Oil extraction
Oil industry
Oil market
Oil prices
Oil production
Oil reserves
Petroleum industry
Price volatility
Studies
Supply
Supply and demand
Volatility
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description Many observers regard the world oil market as a puzzle. Why are oil prices so volatile? Why did prices spike in the summer of 2008, and what role did speculators play? How important is OPEC? Where are oil prices headed in the long run? Is “peak oil” a genuine concern? Any attempt to answer these questions must be informed and disciplined by economics. We examine the evidence on each of these issues and provide an interpretation of developments in the world oil market from the perspective of economic theory.
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subjects Cartels
Commodities
Crude oil
Crude oil prices
Economic theory
Economics
Energy economics
Energy market
Exports
Futures contracts
Futures market
International market
International trade
Market prices
Natural resources
Oil companies
Oil extraction
Oil industry
Oil market
Oil prices
Oil production
Oil reserves
Petroleum industry
Price volatility
Studies
Supply
Supply and demand
Volatility
title World Oil: Market or Mayhem?
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