This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution is both theoretical and empirical. On the theoretical side, we develop a model for the global oil market and integrate this within a compact quarterly model of the global economy...

After opening up of the Interconnector, the liberalized UK natural gas market and the regulated Continental gas markets became physically integrated. The oil-linked Continental gas price became dominant, due to both the large volume of the Continental market and to the fact that the significant...

In the 150 years since the birth of the petroleum industry oil has saturated our culture, fueling our cars and wars, our economy and policies. But just as thoroughly, culture saturates oil. So what exactly is "oil culture"? This book pursues an answer through petrocapitalism's history in...