Oil and the new economy

Article Abstract:

The price of petroleum may have a major impact on business cycles. Warwick University's Andrew Oswald claims that low petroleum prices have created an illusion of a new paradigm. Higher unemployment can result from companies seeking to cut costs to offset increased costs for petroleum. This is more important than the impact of interest rates. New technology is seen by US treasury secretary, Larry Summers, as having provided a positive supply side shock, but Oswald notes that lower petroleum prices have provided a positive supply side shock. New technology may offset the rise in petroleum prices, and the relative impact of technology and petroleum in fostering a boom will be clear from the impact of higher petroleum prices.

High technology

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Oil's taxing times

Article Abstract:

Factors affecting petroleum prices are assessed at a time when there have been protests over high taxes in Europe. Taxes are higher than in the US. but mean that price volatility, linked to the policies of producers, is felt less in Europe.

Europe, Political aspects, Demonstrations and protests, Taxation

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Whither?

Article Abstract:

The impact of petroleum price rises on petroleum exporters and world capital flows is examined in detail.

Capital market, Capital markets

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