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Oil Products in Latin America: The Politics of Energy Pricing

Abstract:
This paper looks at the pricing of petroleum products in Latin America and compares the policies adopted in countries with different endowments and with different traditions as to state involvement in the oil industry. I find that, in contrast to the OECD countries, product prices are used extensively as instruments of policy and that in general the more oil a country has the lower are its domestic prices. They also tend to be lower in the presence of state monopolies.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets
O13 - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Q34 - Natural Resources and Domestic and International Conflicts

Keywords: Oil products, Latin America, Energy pricing policy, gasoline prices, state oil companies

DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-4


Published in Volume 10, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.