The U S Oil Supply Revolution And The Global Economy

Author : Mr.Kamiar Mohaddes,Mr.Mehdi Raissi
Publisher : International Monetary Fund
Page : 35 pages
File Size : 41,7 Mb
Release : 2015-12-10
Category : Business & Economics
ISBN : 9781513509846

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The U.S. Oil Supply Revolution and the Global Economy by Mr.Kamiar Mohaddes,Mr.Mehdi Raissi Pdf

This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters.

Author : Kamiar Mohaddes,Mehdi Raissi
Publisher : Unknown
Page : 35 pages
File Size : 51,7 Mb
Release : 2015
Category : Economic development
ISBN : 1513548093

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The U.S. Oil Supply Revolution and the Global Economy by Kamiar Mohaddes,Mehdi Raissi Pdf

This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters. --Abstract.

Author : R. W. Ferrier,A. Fursenko
Publisher : Routledge
Page : 142 pages
File Size : 42,6 Mb
Release : 2016-03-02
Category : Business & Economics
ISBN : 9781317234968

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Oil In The World Economy by R. W. Ferrier,A. Fursenko Pdf

This book discusses the oil industry and its impact on the world economy in the twentieth century. It examines the importance of oil in different sectors, from 1900-1973 and stresses the relevance of oil as a factor in modern economic history not only in national terms but also within an international context. The book includes chapters on American policy towards developing economies in the first half of the 20th century; the policy of Russian oil exports in the 20s and 30s; the financing of the German and French oil industries; and the role of oil in the Japanese economy, a major industrial country without oil resources. On the international front, the book covers the impact of the Middle East national oil companies, the effect of oil on the developing countries of South Ameirca and the relevance of the oil crisis of 1973.

Author : Mr.Michael Kumhof,Mr.Dirk Muir
Publisher : International Monetary Fund
Page : 31 pages
File Size : 55,8 Mb
Release : 2012-10-25
Category : Business & Economics
ISBN : 9781475539974

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Oil and the World Economy by Mr.Michael Kumhof,Mr.Dirk Muir Pdf

This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitting the world economy at an unspecified future date. For modest-sized shocks and conventional production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, GDP growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult.

Author : Steven A. Schneider
Publisher : Unknown
Page : 658 pages
File Size : 44,6 Mb
Release : 1983
Category : Business & Economics
ISBN : STANFORD:36105039378802

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The Oil Price Revolution by Steven A. Schneider Pdf

Author : Edward R. Fried,Philip H. Trezise
Publisher : Brookings Institution Press
Page : 101 pages
File Size : 48,7 Mb
Release : 2010-12-01
Category : Political Science
ISBN : 9780815717386

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Oil Security by Edward R. Fried,Philip H. Trezise Pdf

Oil stands alone among primary commodities in its potential for sending economic shock waves across the world. The value of oil production is one and a half times the world's total production of food grains; demand is unresponsive to price in the short run; and the world's oil resources are heavily concentrated in the Middle East, where political disturbances have been chronic and oil supply is subject to sudden interruption. Together, these factors have made oil a virtual rogue elephant in the world economy since 1973. This book discusses the oil shocks of 1973-74, 1979-80, and the "minishock" of 1990-91, and examines the possibility of oil shocks over the next twenty years. The authors assess the world market outlook on the basis of underlying trends on world oil supply and demand. They take into account prospects for investment in oil production in the Persian Gulf states, the former Soviet republics, and Latin America; environmental factors and policies; and political uncertainties in the Middle East.

Author : Delia Ondo
Publisher : Unknown
Page : 118 pages
File Size : 54,9 Mb
Release : 2021-04-17
Category : Electronic
ISBN : 9798739602466

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Oil And Gas In The US by Delia Ondo Pdf

America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.

Author : Peter R. Odell
Publisher : Routledge
Page : 291 pages
File Size : 53,9 Mb
Release : 2013-10-14
Category : Business & Economics
ISBN : 9781134101788

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Oil and World Power (Routledge Revivals) by Peter R. Odell Pdf

The oil industry is the world’s largest commercial enterprise. Its extent is global; international issues are consistently influenced by considerations of oil production and consumption, while the international communications networks of the larger oil companies rival those of many nations. In this, the eighth edition of Oil and World Power, published in 1986, Peter Odell explains the complexities of this gigantic empire and its influence on the world. The far-reaching chapters discuss the U.S.A, the Soviet Union, O.P.E.C., Japan and the oil-consuming countries of the developing world. Evaluating the changing patterns of oil supply and the dramatic fall in oil prices in 1986, Odell proposes a number of forward-thinking conclusions surrounding the relationship between oil in global politics and economic development. This is an exceptionally interesting and relevant work, of great value to those with an interest in the oil industry, global power and international economic development.

Author : Mr.Kamiar Mohaddes,Mr.Mehdi Raissi
Publisher : International Monetary Fund
Page : 35 pages
File Size : 41,5 Mb
Release : 2015-12-10
Category : Business & Economics
ISBN : 9781513513881

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The U.S. Oil Supply Revolution and the Global Economy by Mr.Kamiar Mohaddes,Mr.Mehdi Raissi Pdf

This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters.

Author : Mary Ann Tetreault
Publisher : Praeger
Page : 296 pages
File Size : 43,7 Mb
Release : 1985-08-19
Category : Business & Economics
ISBN : STANFORD:36105011693756

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Revolution in the World Petroleum Market by Mary Ann Tetreault Pdf

Author : Shamika Balluch
Publisher : Unknown
Page : 118 pages
File Size : 44,9 Mb
Release : 2021-04-17
Category : Electronic
ISBN : 9798739796387

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Changing The Whole US Economy by Shamika Balluch Pdf

America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.

Author : Christopher R. W. Dietrich
Publisher : Cambridge University Press
Page : 371 pages
File Size : 40,8 Mb
Release : 2017-06-26
Category : Business & Economics
ISBN : 9781107168619

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Oil Revolution by Christopher R. W. Dietrich Pdf

Oil Revolution chronicles the rise and fall of anti-colonial oil elites who forged a new international culture of economic dissent from the 1950s to the 1970s.

Author : Jeff Colgan
Publisher : Cambridge University Press
Page : 327 pages
File Size : 41,6 Mb
Release : 2013-01-31
Category : Political Science
ISBN : 9781107029675

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Petro-Aggression by Jeff Colgan Pdf

Jeff D. Colgan explores why some oil-exporting countries are aggressive, while others are not. Using evidence from key countries such as Iraq, Iran, Libya, Saudi Arabia and Venezuela, Petro-Aggression proposes a new theoretical framework to explain the importance of oil to international security.

Author : Anonim
Publisher : Unknown
Page : 32 pages
File Size : 46,7 Mb
Release : 2015
Category : Electronic
ISBN : 9289916680

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Quantitative Effects of the Shale Oil Revolution by Anonim Pdf

The aim of this paper is to analyze the impact of the so-called "shale oil revolution" on oil prices and economic growth. We employ a general equilibrium model of the world oil market in which Saudi Arabia is the dominant firm, with the rest of the producers as a competitive fringe. Our results suggest that most of the expected increase in US oil supply due to the shale oil revolution has already been incorporated into oil prices and that it will produce an additional increase of 0.2 percent in the GDP of oil importers in the period 2010-2018. We also employ the model to analyse the collapse in oil prices in the second half of 2014 and conclude that it was mainly due to positive unanticipated supply shocks.

Author : Mr.Kamiar Mohaddes,M. Hashem Pesaran
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,5 Mb
Release : 2016-11-08
Category : Business & Economics
ISBN : 9781475552034

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Oil Prices and the Global Economy by Mr.Kamiar Mohaddes,M. Hashem Pesaran Pdf

The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the United States and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a fall in oil prices tends relatively quickly to lower interest rates and inflation in most countries, and increase global real equity prices. The effects on real output are positive, although they take longer to materialize (around four quarters after the shock). We then re-examine the effects of low oil prices on the U.S. economy over different sub-periods using monthly observations on real oil prices, real equity prices and real dividends. We confirm the perverse positive relationship between oil and equity prices over the period since the 2008 financial crisis highlighted in the recent literature, but show that this relationship has been unstable when considered over the longer time period of 1946–2016. In contrast, we find a stable negative relationship between oil prices and real dividends which we argue is a better proxy for economic activity (as compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil producers, and could be perverse initially, as some of the major oil producers try to compensate their loss of revenues by raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets equilibrate but rather slowly, with large episodic swings between low and high oil prices.