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Author: Charles E. Phelps Publisher: ISBN: Category : Petroleum industry and trade Languages : en Pages : 34
Book Description
This paper presents a brief collection of thoughts on elements contributing to an optimal oil import premium. The authors have spent only a very small time on the subject. The principal purpose of this informal paper is to collect these few thoughts together for those able to invest more resources in the problem. We raise many issues, and solve few, if any. We provide what appears (after brief analysis) to be a useful conceptual approach for dealing with some of these issues, but we have not implemented any analysis, nor have we made any estimates to optimize 'The Import Premium' (TIP). We have identified a series of elements contributing to TIP. They include: (1) The United States has monopsony power in world markets because our marginal purchase decisions can be large enough to affect aggregate world demand for oil. (2) Reductions in U.S. demands for oil may improve our welfare on dimensions other than the oil market. (3) The oil market is not competitive on either side; it should probably be modeled as a bilateral oligopoly. (4) Trade in refined products requires that an import policy coordinate both the factor market (oil) and the final product market (products). (5) U.S. dependence on foreign oil sources increases the demand for U.S. military defense efforts. (6) Imposition of an oil import tariff may have macroeconomic consequences for the U.S. (7) The economic structure changes from the short run to the long run.
Author: Charles E. Phelps Publisher: ISBN: Category : Petroleum industry and trade Languages : en Pages : 34
Book Description
This paper presents a brief collection of thoughts on elements contributing to an optimal oil import premium. The authors have spent only a very small time on the subject. The principal purpose of this informal paper is to collect these few thoughts together for those able to invest more resources in the problem. We raise many issues, and solve few, if any. We provide what appears (after brief analysis) to be a useful conceptual approach for dealing with some of these issues, but we have not implemented any analysis, nor have we made any estimates to optimize 'The Import Premium' (TIP). We have identified a series of elements contributing to TIP. They include: (1) The United States has monopsony power in world markets because our marginal purchase decisions can be large enough to affect aggregate world demand for oil. (2) Reductions in U.S. demands for oil may improve our welfare on dimensions other than the oil market. (3) The oil market is not competitive on either side; it should probably be modeled as a bilateral oligopoly. (4) Trade in refined products requires that an import policy coordinate both the factor market (oil) and the final product market (products). (5) U.S. dependence on foreign oil sources increases the demand for U.S. military defense efforts. (6) Imposition of an oil import tariff may have macroeconomic consequences for the U.S. (7) The economic structure changes from the short run to the long run.
Author: Douglas R. Bohi Publisher: Routledge ISBN: 1135986304 Category : Business & Economics Languages : en Pages : 381
Book Description
First Published in 2011. This book presents the results of the third phase of our analysis of U.S. oil imports in relation to U.S. energy policy. It presents a definitive history and analysis of the United States' experiment with formal oil import controls and addresses three questions: The first is how the U.S. energy situation, especially energy security, was affected by what was going on in the rest of the world. The second is the more narrow issue of what energy security options appeared available to the United States from the perspective of the special conditions which existed during 1974-75. The third question, the main subject of this book, and the one with which we initially began, was what lessons might be learned from earlier efforts to limit imports, especially through the Mandatory Oil Import Program.
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade Publisher: ISBN: Category : Petroleum industry and trade Languages : en Pages : 88
Author: Neelesh Nerurkar Publisher: CreateSpace ISBN: 9781490945576 Category : Business & Economics Languages : en Pages : 40
Book Description
Over the last six years, net oil imports have fallen by 33% to average 8.4 million barrels per day (Mb/d) in 2011. This represents 45% of domestic consumption, down from 60% in 2005. Oil is a critical resource for the U.S. economy, but despite policy makers' longstanding concern, U.S. oil imports had generally increased for decades until peaking in 2005. Since then, the economic downturn and higher oil prices were a drag on oil consumption, while price-driven private investment and policy helped increase domestic supply of oil and oil alternatives. Net imports are gross imports minus exports. The decline in net imports has manifested itself as a decrease in gross imports and an increase in exports of petroleum products. Gross U.S. imports of crude oil and petroleum products averaged 11.4 Mb/d in 2011, down 17% since 2005. More than a third of gross imports came from Canada and Mexico in 2011. About 40% came from members of the Organization for the Petroleum Exporting Countries (OPEC), mostly from OPEC members outside the Persian Gulf. Regionally, the largest share of U.S. imports come into the Gulf Coast region, which holds about half of U.S. refining capacity and sends petroleum products to other parts of the country and abroad. All regions of the country import more crude than refined products except for the East Coast, where petroleum products imports may rise further due to refinery closures. U.S. oil exports, made up almost entirely of petroleum products, averaged 2.9 Mb/d in 2011. This is up from export of 1.2 Mb/d in 2005, led by growing export of distillates (diesel and related fuels) and gasoline. More than 60% of U.S. exports went to countries in the Western Hemisphere, particularly to countries such as Mexico and Canada from which the U.S. imports crude oil. Exports occur largely as a result of commercial decisions by oil market participants which reflect current oil market conditions as well as past investment in refining. As a result, net oil imports fell from a peak of 12.5 Mb/d in 2005 to 8.4 Mb/d in 2011, their lowest level since 1995. A consensus is generally emerging among energy analysts that U.S. oil imports may be past their peak, reached in 2005. Imports as a share of consumption are expected to fall further, to less than 40% after 2020 driven by tighter fuel economy standards and increased domestic supply. Despite the decline in net import volumes, the cost of net imports has increased due to rising oil prices. The aggregate national cost of oil imports is a function of the volume of oil imported and the price of that oil. The United States spent about $327 billion on net oil imports in 2011. Being a net importer of a particular good is not necessarily negative for an economy, but greater national oil import dependence can amplify the negative economic impacts of oil price increases. Oil import and export developments pose a host of policy issues. Concerns about import dependence continue to generate interest in policy options to directly discourage imports or to reduce the need for imports by increasing domestic supply and decreasing demand. Rising exports at a time of rising prices has led to calls for policies to restrict such trade. The debate around the Keystone XL pipeline involves concerns about imports, exports, and the environment. The rising cost for fuels has led to calls for release of the Strategic Petroleum Reserve, meant to provide a short term policy option in case of supply disruptions. Policy options may entail various economic, fiscal, and environmental trade-offs.
Author: Mr. Kangni R Kpodar Publisher: International Monetary Fund ISBN: 1616356154 Category : Business & Economics Languages : en Pages : 34
Book Description
This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Author: Charles E. Phelps
Author: Charles E. Phelps
Author: Douglas R. Bohi
Author: United States. Cabinet Task Force on Oil Import Control
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade
Author: Sebastian Raciti
Author: Harry G. Broadman
Author: Neelesh Nerurkar
Author: Kenneth A. Zito
Author: Mark Ethridge
Author: Mr. Kangni R Kpodar