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Provides an overview of the petroleum industry, its history, and its key players; examines the relationship between oil, finance, and politics; and explores the future of oil as supplies diminish and global warming threatens
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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...
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