The Structure of the Oil Market and Causes of High Prices

Publication Date:

September 21, 2005

Electronic Access:

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Summary:

This note examines how crude oil, futures, and petroleum product markets interact to determine market outcomes. It discusses: (a) the structure of the global crude oil market and the fundamental forces behind the higher prices; (b) the futures market, and the role of new entrants and speculators; and, (c) refinery bottlenecks, and the relationship between crude and wholesale gasoline prices.

Series:

Policy Papers

Subject:

English

Publication Date:

September 21, 2005

Price:

Free

Format:

Paper

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