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Oil, Policy, and Market Power

In: Trading and Price Discovery for Crude Oils

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  • Adi Imsirovic

    (The Oxford Institute for Energy Studies (OIES))

Abstract

The concept of ‘market powermarket power’ is introduced. Price makers and price takersprice takers. Structure of the industry, volatility, and prices. Oil projectsoil projects, concentration and market powermarket power. Economic and legal thinking about the integrated oil companies changed over time. SchumpeterSchumpeter and the ‘imaginary’ world of perfect competitionperfect competition. Benefits from market integration. Any welfare loss should be determined using economic theory. New thinking and antitrust. RockefellerRockefeller, John D., ‘Seven SistersSeven Sisters’ and OPECOrganisation of the Petroleum Exporting Countries (OPEC) mentioned in the context of economic ideas related to market powermarket power in the oil industry.

Suggested Citation

  • Adi Imsirovic, 2021. "Oil, Policy, and Market Power," Springer Books, in: Trading and Price Discovery for Crude Oils, chapter 0, pages 13-24, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-71718-6_2
    DOI: 10.1007/978-3-030-71718-6_2
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