The Structure of the Oil Market and Causes of High Prices
September 21, 2005
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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.
Subject: Data collection, Investment, Oil consumption, Oil prices, Oil production, OPEC, Taxation
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Policy Papers
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