Hostname: page-component-848d4c4894-nr4z6 Total loading time: 0 Render date: 2024-04-30T12:35:13.447Z Has data issue: false hasContentIssue false
  • English
  • Français

High Oil Prices: Implications and Prospects

Published online by Cambridge University Press:  26 March 2020

Martin Weale
Get access Rights & Permissions [Opens in a new window]

Extract

The sharp rise in the real price of oil has taken it up to or above the levels seen after the second oil crisis of the late 1970s (depending on the currency considered) and has been, to say the least, somewhat disruptive to a world which had anticipated relatively cheap oil, probably for the indefinite future. At the very least, it is hard to imagine that some major consuming countries would have saved as little as they did, had they given proper attention to oil's status as an exhaustible resource. In this commentary the current situation is viewed from that perspective. The short-term impact of high oil prices is discussed on pp. 34–8.

Type
Articles
Information
National Institute Economic Review , Volume 205 , July 2008 , pp. 4 - 7
Copyright
Copyright © 2008 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

BP (2008), BP Statistical Review of World Energy, http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2008/STAGING/local_assets/downloads/pdf/statistical_review_of_world_energy_full_review_2008.pdf.Google Scholar
Dasgupta, P. and Heal, G. (1979), Economic Theory and Exhaustible Resources, Welwyn and Cambridge, James Nisbet and Co. and Cambridge University Press.Google Scholar
Hartwick, J.M. (1977), ‘Intergenerational equity and investing of rents from exhaustible resources’, American Economic Review 67, pp. 972–4.Google Scholar
Hotelling, H. (1931), ‘The economics of exhaustible resources’, Journal of Political Economy, 39, pp. 137–75CrossRefGoogle Scholar
Jorgenson, D. (1981), ‘Energy prices and productivity growth’, Scandinavian Journal of Economics, 83. pp. 165–79.CrossRefGoogle Scholar
Sefton, J. and Weale, M.R. (1996), ‘The net national produce and exhaustible resources: the effects of foreign trade’, Journal of Public Economics, pp. 21–47.CrossRefGoogle Scholar
-(2006), ‘The concept of income in a general equilibrium’, Review of Economic Studies, 73, pp. 219–49.Google Scholar