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The North American Free Trade Agreement: Implications for the Parties and World Oil Markets

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  • Philip K. Verleger Jr.

Abstract

The proposed North American Free Trade Agreement (NAFTA) has been criticized because it failed to open Mexico’s hydrocarbon reserves to development by private parties. This failure is an economic tragedy. Consumer welfare will clearly be reduced as a consequence. However, the loss is confined to Mexico where economic growth rates may be reduced by as much as one half of one percent per year. Otherwise, the agreement will have insignificant impacts on the world oil market. Future levels of production and prices will be unaffected by the agreement.

Suggested Citation

  • Philip K. Verleger Jr., 1993. "The North American Free Trade Agreement: Implications for the Parties and World Oil Markets," The Energy Journal, , vol. 14(3), pages 75-100, July.
    • Handle: RePEc:sae:enejou:v:14:y:1993:i:3:p:75-100
    DOI: 10.5547/ISSN0195-6574-EJ-Vol14-No3-4
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    References listed on IDEAS

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    1. Gary Clyde Hufbauer & Jeffrey J. Schott, 1992. "North American Free Trade: Issues and Recommendations," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 71, January.
    2. Stephen J. Randall, 1993. "Oil Industry Development and Trade Liberalization in the Western Hemisphere," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 101-118.
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