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Did Iraq Cheat the United Nations? Underpricing, Bribes, and the Oil for Food Program

Hsieh, Chang-Tai - 2005

From 1997 through early 2003, the United Nations Oil for Food Program allowed Iraq to export oil in exchange for humanitarian supplies. We measure the extent to which this program was corrupted by Iraq's attempts to deliberately set the price of its oil below market prices in an effort to...

Persistent link: https://www.econbiz.de/10012467483

Crude Oil Price Differentials and Pipeline Infrastructure

McRae, Shaun - 2017

Crude oil production in the United States increased by nearly 80 percent between 2008 and 2016, mostly in areas that were far from existing refining and pipeline infrastructure. The production increase led to substantial discounts for oil producers to reflect the high cost of alternative...

Persistent link: https://www.econbiz.de/10012453543

The External Costs of Transporting Petroleum Products by Pipelines and Rail : Evidence From Shipments of Crude Oil from North Dakota

Clay, Karen - 2017

petroleum products by rail and pipelines. While crude oil transportation has generated intense policy debate about rail and …

Persistent link: https://www.econbiz.de/10012453859

Risk Premia in Crude Oil Futures Prices

Hamilton, James D. - 2013

If commercial producers or financial investors use futures contracts to hedge against commodity price risk, the arbitrageurs who take the other side of the contracts may receive compensation for their assumption of nondiversifiable risk in the form of positive expected returns from their...

Persistent link: https://www.econbiz.de/10012459606

Oil and the Dollar

Krugman, Paul R. - 1980

This paper develops a simple theoretical model of the effect of an oil price increase on exchange rates. The model shows that the direction of this effect depends on a comparison of the direct balance of payments burden of the higher oil price with the indirect balance of payments benefits of...

Persistent link: https://www.econbiz.de/10012478581

The Propagation of Prices in the Oil Industry

Kisselgoff, Avram - 1978

-use levels. Prices of individual classes of petroleum products at refineries and at the end-use level were also estimated. The …-users of petroleum products was due not only to the large increases in crude oil prices but also to the sizable in-creases in … profitability of the petroleum industry and the general price level …

Persistent link: https://www.econbiz.de/10012478898

Are Energy Executives Rewarded For Luck?

Davis, Lucas W. - 2018

In this paper, we examine executive compensation data from 78 major U.S. oil and gas companies over a 24-year period. Perhaps in no other industry are the fortunes of so many executives so dependent on a single global commodity price. We find that a 10% increase in oil prices is associated with...

Persistent link: https://www.econbiz.de/10012481038

The Predictive Content of Energy Futures : An Update on Petroleum, Natural Gas, Heating Oil and Gasoline

Chinn, Menzie D. - 2005

This paper examines the relationship between spot and futures prices for energy commodities (crude oil, gasoline, heating oil markets and natural gas). In particular, we examine whether futures prices are (1) an unbiased and/or (2) accurate predictor of subsequent spot prices. We find that while...

Persistent link: https://www.econbiz.de/10012467654

Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry

Bornstein, Gideon - 2017

We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...

Persistent link: https://www.econbiz.de/10012455258

Risky Oil : It's All in the Tails

Baumeister, Christiane; Huber, Florian; Marcellino, … - National Bureau of Economic Research - 2024

The substantial fluctuations in oil prices in the wake of the COVID-19 pandemic and the Russian invasion of Ukraine have highlighted the importance of tail events in the global market for crude oil which call for careful risk assessment. In this paper we focus on forecasting tail risks in the...

Persistent link: https://www.econbiz.de/10014544801

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