Recent Oil Price Movements: Forces and Policy Issues
Crude oil prices have trended up since the end of the 1990s, peaking at a historic high in mid-2008 that was followed by a steep price correction with a subsequent rebound. This paper considers major forces behind the evolution of the oil price, using a simple model of supply and demand elasticities...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
no.737 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Crude oil prices have trended up since the end of the 1990s, peaking at a historic high in mid-2008 that was followed by a steep price correction with a subsequent rebound. This paper considers major forces behind the evolution of the oil price, using a simple model of supply and demand elasticities as a benchmark, highlights implications for inflation and economic activity and draws some conclusions for macroeconomic policy. The analysis suggests that the run-up in crude oil prices since 2003 was due to both vigorous oil demand growth by emerging markets and, from the middle of the decade onward, a weaker than expected oil supply response to rising prices. Prices are unlikely to fall back to levels seen in the first years of the decade either over the short or medium term. |
| Beschreibung: | 1 Online-Ressource (29 p.) 21 x 29.7cm. |
| DOI: | 10.1787/220061071212 |
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| spelling | Wurzel, Eckhard VerfasserIn aut Recent Oil Price Movements Forces and Policy Issues Eckhard, Wurzel, Luke, Willard and Patrice, Ollivaud = Évolution récente du prix du pétrole : Facteurs explicatifs et questions de politiques économiques / Eckhard, Wurzel, Luke, Willard et Patrice, Ollivaud Évolution récente du prix du pétrole Paris OECD Publishing 2009 1 Online-Ressource (29 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.737 Crude oil prices have trended up since the end of the 1990s, peaking at a historic high in mid-2008 that was followed by a steep price correction with a subsequent rebound. This paper considers major forces behind the evolution of the oil price, using a simple model of supply and demand elasticities as a benchmark, highlights implications for inflation and economic activity and draws some conclusions for macroeconomic policy. The analysis suggests that the run-up in crude oil prices since 2003 was due to both vigorous oil demand growth by emerging markets and, from the middle of the decade onward, a weaker than expected oil supply response to rising prices. Prices are unlikely to fall back to levels seen in the first years of the decade either over the short or medium term. Economics Willard, Luke MitwirkendeR ctb Ollivaud, Patrice MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/220061071212 Volltext |
| spellingShingle | Wurzel, Eckhard Recent Oil Price Movements Forces and Policy Issues Economics |
| title | Recent Oil Price Movements Forces and Policy Issues |
| title_alt | Évolution récente du prix du pétrole |
| title_auth | Recent Oil Price Movements Forces and Policy Issues |
| title_exact_search | Recent Oil Price Movements Forces and Policy Issues |
| title_full | Recent Oil Price Movements Forces and Policy Issues Eckhard, Wurzel, Luke, Willard and Patrice, Ollivaud = Évolution récente du prix du pétrole : Facteurs explicatifs et questions de politiques économiques / Eckhard, Wurzel, Luke, Willard et Patrice, Ollivaud |
| title_fullStr | Recent Oil Price Movements Forces and Policy Issues Eckhard, Wurzel, Luke, Willard and Patrice, Ollivaud = Évolution récente du prix du pétrole : Facteurs explicatifs et questions de politiques économiques / Eckhard, Wurzel, Luke, Willard et Patrice, Ollivaud |
| title_full_unstemmed | Recent Oil Price Movements Forces and Policy Issues Eckhard, Wurzel, Luke, Willard and Patrice, Ollivaud = Évolution récente du prix du pétrole : Facteurs explicatifs et questions de politiques économiques / Eckhard, Wurzel, Luke, Willard et Patrice, Ollivaud |
| title_short | Recent Oil Price Movements |
| title_sort | recent oil price movements forces and policy issues |
| title_sub | Forces and Policy Issues |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/220061071212 |
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