Fuelling inflation?
Article Abstract:
Petroleum prices have risen, and there is concern that this could affect the world economy in a similar way to price rises in the 1970s. The rise follows a previous fall in petroleum prices, and energy conservation measures should limit the impact. Previous rises occurred when revolution and war added to uncertainty, and inflation was rising in developed economies. These factors limit the damage that rises will have, but they will still have some impact, for example by pushing up consumer prices. Wages could also rise. The impact of high petroleum prices depends in part on the duration of high prices.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 2000
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Mission impossible
Article Abstract:
The Organization of Petroleum Exporting Countries (OPEC) has agreed to produce more petroleum with the aim of stabilising prices, which have been volatile. The US favors this move, though there are risks involved in encouraging OPEC's attempts to control the market. There are divisions within OPEC, and OPEC's interests differ from those of consumers over the long term. OPEC is also less able to control the market price than might appear, and stability may be achieved, but this may be more due to luck than judgement.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 2000
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The next shock?
Article Abstract:
Petroleum prices have fallen and this may please consumers, though petroleum companies will have to cut their investment in exploration. Poorer petroleum producing countries will be hit, and there will be less incentive to tackle the problem of carbon dioxide emissions. Petroleum is cheaper to extract from the Middle East than many locations, and development was encouraged in more expensive locations due to attempts to keep prices high. Middle Eastern countries may boost production which could lead to dependence on countries which are unreliable and unstable.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
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