Oil, International Trade and Inflation

Paul Davidson

Chapter 9 in International Money and the Real World, 1992, pp 165-186 from Palgrave Macmillan

Abstract: Abstract Five small nations, Saudi Arabia, Iraq, Kuwait, Iran and the United Arab Emirates, with less than 2 per cent of the world’s population, control over two-thirds of the world’s known crude oil reserves. These nations form the backbone of the Organization of Petroleum Exporting Countries (OPEC). Since its formation in the 1960s OPEC has had as its primary goal and preoccupation the use of its control over oil supplies to continue to redistribute the world’s income and wealth from oil consuming nations to oil producing nations. This redistribution was to be accomplished via market pricing policies which generated significant economic rents to the producers without inducing the consuming nations to search for alternative energy sources to reduce the importance of oil to a minor internationally traded commodity.

Keywords: Real Income; User Cost; International Money; Monopoly Rent; Real Resource Cost (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37809-4_9

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DOI: 10.1057/9780230378094_9

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