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Keywords:Petroleum industry and trade 

Journal Article
When oil prices jump, is speculation to blame?

Whenever the price at the pump climbs week after week, people start pointing fingers at investment banks, hedge funds and other speculators. This article quantifies the role that speculation played in the rise of oil prices during the past decade.
The Regional Economist , Issue Apr

Journal Article
Recycling petrodollars

In recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters "recycle" their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States.
Current Issues in Economics and Finance , Volume 12 , Issue Dec

Journal Article
The behavior of retail gasoline prices: symmetric or not?

Review , Issue Jul , Pages 19-29

Journal Article
Venezuela: the trouble with oil

Economics Update , Issue Apr , Pages 5-6

Journal Article
The impact of energy prices and money growth on five industrial countries

Review , Volume 63 , Issue Mar , Pages 19-26

Working Paper
Methanol as an alternative fuel

Working Papers , Paper 9013

Working Paper
Regional labor fluctuations: oil shocks, military spending, and other driving forces

We quantify the contribution of various driving forces to state-level movements in unemployment rates and employment growth from 1956 to 1992. Our story of regional fluctuations in the U.S. economy has a large cast of players -- including government contract awards and the basing of military personnel -- but oil price shocks have been the leading actor since 1973. Beyond the magnitude and abruptness of oil price movements, the explanation for their pronounced regional effects has three essential elements: (i) regions differ in industry mix, (ii) industries differ in sensitivity to movements ...
International Finance Discussion Papers , Paper 578

Working Paper
Oil and the macroeconomy revisited

The relationship between oil price shocks and U.S. macroeconomic fluctuations advocated by Hamilton (1983) broke down in the 1980s amidst a new regime of highly volatile oil price movements. Several authors have argued that asymmetric and nonlinear transformations of oil prices restore that relationship and thus that the economy responds asymmetrically and nonlinearly to oil price shocks. In this paper, I show that this is only part of the story: the two leading such transformations do not in fact Granger cause output or unemployment in the post-1980 period without further refinements, and ...
Finance and Economics Discussion Series , Paper 1999-43

Journal Article
New drilling technology

Economic shocks are not always negative. Indeed, this article suggests that the energy extraction industry is experiencing a positive shock caused by two new technologies - three-dimensional imaging and directional drilling. Combined, these techniques have lowered the net extraction costs of oil and gas. The new technologies are particularly advantageous for the kinds of fields characteristic of the Gulf of Mexico, and the article points to their early application in Louisiana as indicating the type of impacts one might expect as use of the technologies spreads. ; The authors conclude that ...
Economic Review , Volume 83 , Issue Q 2 , Pages 30-38

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