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Oil Price Fluctuations and Dependency Malaise: What will Engender Socio-economic Adjustments?

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  • Olabode A. Oyewunmi

    (Department of Business Management, College of Business and Social Science, Covenant University, Nigeria.)

Abstract

The fluctuations and volatility associated with international crude oil prices confirms and contradicts historical trends in varying respects. For several oil dependent African countries, the characteristic price oscillations necessitate deliberate policy and institutional adjustments. In such circumstances, it seems plausible to prioritize social and economic policy options. Veiled beneath the anticipated and unanticipated movements of oil prices lies a myriad of issues yearning for clear dissection. A fluid approach is tenable to scrutinize established and emerging questions connected with this recurring phenomenon. The ongoing geopolitical re-arrangements across various regions, uncertainties about the renewable energy agenda and policy preferences, further reinforce the importance of distilling a veritable compromise for oil revenue dependent countries. The paper entails a critique on issues impacting on the bottom-line of selected oil export centric economies and amongst other contextual dynamics. It specifically highlights matters dealing with capacity deficits, oil industry transparency and governance imperatives, policy inconsistencies, economic diversification, corporate social responsibility and optimizing governmental regulation. The paper also captures contemporary resource management perspectives, especially against the backdrop of evolving socio-economic dynamics. Applicable conceptual and theoretical views are explored, whilst practical conclusions are discussed.

Suggested Citation

  • Olabode A. Oyewunmi, 2018. "Oil Price Fluctuations and Dependency Malaise: What will Engender Socio-economic Adjustments?," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 167-173.
  • Handle: RePEc:eco:journ2:2018-06-21
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    References listed on IDEAS

    as
    1. Heidarian, Jamshid & Green, Rodney D., 1989. "The impact of oil-export dependency on a developing country : The case of Algeria," Energy Economics, Elsevier, vol. 11(4), pages 247-261, October.
    2. Olusola J. Olujobi & Olabode A. Oyewunmi & Adebukola E. Oyewunmi, 2018. "Oil Spillage in Nigeria s Upstream Petroleum Sector: Beyond the Legal Frameworks," International Journal of Energy Economics and Policy, Econjournals, vol. 8(1), pages 220-226.
    3. Adebukola OYEWUNMI & Olabode OYEWUNMI, 2017. "Corporate Social Responsibility in Nigeria Realities Modalities and Possibilities," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 8(8), pages 2512-2518.
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    Cited by:

    1. Sugra Humbatova & Ibrahim Guliyev Gadim & Sabuhi Tanriverdiyev Mileddin & Natig Gadim-Oglu Hajiyev, 2023. "Impact of Oil Factor on Consumer Market: The Case of Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 202-215, July.
    2. Olusola Joshua Olujobi, 2020. "RETRACTED: Analysis of the Legal Framework Governing Gas Flaring in Nigeria’s Upstream Petroleum Sector and the Need for Overhauling," Social Sciences, MDPI, vol. 9(8), pages 1-19, July.

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    More about this item

    Keywords

    crude oil; oil price; oil-dependence; socio-economic policy; Africa;
    All these keywords.

    JEL classification:

    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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