We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model … of the oil industry with two alternative market structures. In the first, all firms are competitive. In the second, OPEC … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …

This paper explores the connections between the shift of world saving toward OPEC and the changing structure of U … of world saving toward OPEC in the 1970s effectively internationalized the supply of saving, as OPEC places its surplus … become more interdependent through trade with the newly industrializing countries (NICs) in the developing world. The shift …

point in the history of the world's use of this key energy source. In this article I review five of the ways in which the … world of energy may have changed forever …

for the U.S. and the rest of the world (ROW). We investigate the implications of a significant increase in U.S. light …

post-World-War-II oil shocks reviewed include the Suez Crisis of 1956-57, the OPEC oil embargo of 1973-1974, the Iranian …

supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that …

This paper examines the effect of OPEC price increases on the welfare of a group of oil-importing industrial countries … conducted using a general-equilibrium model that describes the behavior of two actors, OPEC and the oil-importing bloc called … world rate of interest(intertemporal terms of trade effects) and, for rigid wages, changes in employment. Thus Industria …