Search

Begin New Search
Proceed to Checkout

Search Results for All:
(Showing results 1 to 2 of 2)



Historical Causes of Postwar Oil Shocks and Recessions

James D. Hamilton

Year: 1985
Volume: Volume 6
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No1-9
View Abstract

Abstract:
Turbulent petroleum markets and poor economic performance have been making headlines for the last decade. Three major oil shocks (1973-1974, 1979, and 1980-1981) have each been followed by major recessions. While the magnitude and violence of recent oil price changes are unique in postwar experience, the phenomenon of political instability producing disruptions in petroleum supply is not. Hamilton (1983a) observed that all but one of the recessions in the United States since World War II were preceded-typically by about nine months-by a dramatic increase in the price of crude petroleum (see Figure 1).



Understanding Crude Oil Prices

James D. Hamilton

Year: 2009
Volume: Volume 30
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No2-9
View Abstract

Abstract:
This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates this to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that although scarcity rent made a negligible contribution to the price of oil in 1997, it could now begin to play a role.





Begin New Search
Proceed to Checkout

 

© 2020 International Association for Energy Economics | Privacy Policy | Return Policy