OPEC's domestic oil consumption has increased seven-fold in 40 years, to 8.5 million barrels per day (mbd). They consume almost as much oil as China, and this constitutes one-fourth of their production. Such rapid growth in consumption – 5.1% annually, faster than their income growth of 3.1%...

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a precautionary saving and investment model under uncertainty. Consistent with data...

This paper, delivered at a 1976 conference on Transnational Economic Boycotts and Coercion at the University of Texas, discusses issues of the legality and propriety of measures of international economic coercion in the context of the 1973 Arab Oil Boycott.The paper suggests that: (1) there is...

It has been suggested that Africa is experiencing a ‘New Scramble' thanks primarily to its oil and gas wealth, with the United States and the People's Republic of China actively competing for access to Africa's resources. This article aims to scrutinize the claim that Africa is facing a New...

Strategic petroleum reserve (SPR) plays an important role in ensuring energy security. China has launched the SPR in response to the potential oil shortage since 1970. The optimal scale of SPR has become a concern to policy makers. The paper adopts a computable general equilibrium (CGE) model to...