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Some General-Equilibrium Considerations for the Analysis of Oil Import Restrictions

Recent events in the oil market and the persistent U.S. government deficit have sparked renewed interest in a tax or a tariff on oil. I have argued elsewhere (Mork, 1985) for such taxation from the perspective of macroeconomic stability. However, quite often the argument is based on the simple static notion that an oil import tariff will soften the world oil market and improve the terms of trade.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Petroleum – Policy and Regulation

JEL Codes: Q41: Energy: Demand and Supply; Prices, Q40: Energy: General, Q37: Nonrenewable Resources and Conservation: Issues in International Trade, Q35: Hydrocarbon Resources, Q02: Commodity Markets

Keywords: Oil market, GE analysis, Oil import policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No4-7

Published in Volume 8, Number 4 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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