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Adjusting to Volatile Energy Prices

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  • Philip K. Verleger, Jr.

Abstract

Oil price volatility has been highly criticized on many fronts, from the top-level official to the average consumer. Authorities for both producing and consuming nations have called for mechanisms to restore order to a chaotic market.The author traces the development of petroleum commodity markets, then examines the quest by producers and consumers for stability in world oil markets. He finds that modest producer and consumer gains can be realized through negotiations that achieve removal of barriers to trade, elimination of hurdles to foreign investment, and strengthening of financial institutions.Verleger reviews previous attempts to stabilize price fluctuations of other commodities and finds that these efforts have invariably failed. He argues that the very size of the oil market makes it unlikely that an effort to stabilize oil prices would succeed. Moreover, he shows that an oil price stabilization agreement would impose large costs on consumers.

Suggested Citation

  • Philip K. Verleger, Jr., 1993. "Adjusting to Volatile Energy Prices," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 41, January.
    • Handle: RePEc:iie:ppress:41
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    Citations

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    Cited by:

    1. Robert Weiner, 2006. "Do Birds of a Feather Flock Together? Speculator Herding in the World Oil Market," RFF Working Paper Series dp-06-31, Resources for the Future.
    2. Weiner, Robert, 2006. "Do Crises Tear the Fabric of Oil Trade?," RFF Working Paper Series dp-06-16, Resources for the Future.
    3. Mostafa, Mohamed M. & El-Masry, Ahmed A., 2016. "Oil price forecasting using gene expression programming and artificial neural networks," Economic Modelling, Elsevier, vol. 54(C), pages 40-53.
    4. Walter C. Labys, 2003. "New Directions in the Modeling and Forecasting of Commodity Markets," Mondes en développement, De Boeck Université, vol. 122(2), pages 3-19.
    5. Walter Labys, 2005. "Commodity Price Fluctuations: A Century of Analysis," Working Papers Working Paper 2005-01, Regional Research Institute, West Virginia University.
    6. Yu, Lean & Wang, Shouyang & Lai, Kin Keung, 2008. "Forecasting crude oil price with an EMD-based neural network ensemble learning paradigm," Energy Economics, Elsevier, vol. 30(5), pages 2623-2635, September.
    7. Horn, Manfred, 2004. "OPEC's optimal crude oil price," Energy Policy, Elsevier, vol. 32(2), pages 269-280, January.
    8. James M. Griffin, 2015. "Petro-Nationalism: The Futile Search for Oil Security," The Energy Journal, International Association for Energy Economics, vol. 0(Adelman S).
    9. Regnier, Eva, 2007. "Oil and energy price volatility," Energy Economics, Elsevier, vol. 29(3), pages 405-427, May.
    10. Tao Yin & Yiming Wang, 2019. "Predicting the Price of WTI Crude Oil Using ANN and Chaos," Sustainability, MDPI, vol. 11(21), pages 1-14, October.
    11. repec:rri:wpaper:200501 is not listed on IDEAS
    12. Plourde, André & Watkins, G. C., 1998. "Crude oil prices between 1985 and 1994: how volatile in relation to other commodities?," Resource and Energy Economics, Elsevier, vol. 20(3), pages 245-262, September.

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