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Long-Term Contracts for Crude Oil Imports into Costa Rica: A General Equilibrium Analysis

Author

Listed:
  • Christian Dufournaud
  • Carlos Raul Gutierrez
  • Lodewijk Berlage
  • Peter P. Rogers

Abstract

Energy is critical for all human activity. Many countries import a major proportion of essential energy resources such as oil, for which the ability to substitute alternative inputs is difficult in both the short and long run. A possible response to the prospect that energy prices can fluctuate is for governments to negotiate long-term contracts with suppliers to mitigate sudden price shocks. This strategy is, however, not cost-free. It is equally rational for suppliers to negotiate high prices which protect them from the prospect of having to supply their oil at a lower price than they could anticipate in the future. A country seeking long-term protection from unstable oil prices via long-term contracts, therefore, faces higher current prices.

Suggested Citation

  • Christian Dufournaud & Carlos Raul Gutierrez & Lodewijk Berlage & Peter P. Rogers, 1989. "Long-Term Contracts for Crude Oil Imports into Costa Rica: A General Equilibrium Analysis," The Energy Journal, , vol. 10(1), pages 119-125, January.
    • Handle: RePEc:sae:enejou:v:10:y:1989:i:1:p:119-125
    DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No1-10
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