The U.S. Oil Supply Revolution and the Global Economy

The U.S. Oil Supply Revolution and the Global Economy

Author: Mr.Kamiar Mohaddes

Publisher: International Monetary Fund

Published: 2015-12-10

Total Pages: 35

ISBN-13: 1513513885

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This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters.


Book Synopsis The U.S. Oil Supply Revolution and the Global Economy by : Mr.Kamiar Mohaddes

Download or read book The U.S. Oil Supply Revolution and the Global Economy written by Mr.Kamiar Mohaddes and published by International Monetary Fund. This book was released on 2015-12-10 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters.


The U.S. Oil Supply Revolution and the Global Economy

The U.S. Oil Supply Revolution and the Global Economy

Author: Kamiar Mohaddes

Publisher:

Published: 2015

Total Pages: 35

ISBN-13: 9781513548098

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This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters. --Abstract.


Book Synopsis The U.S. Oil Supply Revolution and the Global Economy by : Kamiar Mohaddes

Download or read book The U.S. Oil Supply Revolution and the Global Economy written by Kamiar Mohaddes and published by . This book was released on 2015 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model. The results show that there are considerable heterogeneities in the responses of different countries to a U.S. supply-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining in commodity exporters, inflation falling in most countries, and equity prices rising worldwide. Overall, our results suggest that following the U.S. oil revolution, with oil prices falling by 51 percent in the first year, global growth increases by 0.16 to 0.37 percentage points. This is mainly due to an increase in spending by oil importing countries, which exceeds the decline in expenditure by oil exporters. --Abstract.


Oil In The World Economy

Oil In The World Economy

Author: R. W. Ferrier

Publisher: Routledge

Published: 2016-03-02

Total Pages: 146

ISBN-13: 1317234960

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This book discusses the oil industry and its impact on the world economy in the twentieth century. It examines the importance of oil in different sectors, from 1900-1973 and stresses the relevance of oil as a factor in modern economic history not only in national terms but also within an international context. The book includes chapters on American policy towards developing economies in the first half of the 20th century; the policy of Russian oil exports in the 20s and 30s; the financing of the German and French oil industries; and the role of oil in the Japanese economy, a major industrial country without oil resources. On the international front, the book covers the impact of the Middle East national oil companies, the effect of oil on the developing countries of South Ameirca and the relevance of the oil crisis of 1973.


Book Synopsis Oil In The World Economy by : R. W. Ferrier

Download or read book Oil In The World Economy written by R. W. Ferrier and published by Routledge. This book was released on 2016-03-02 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the oil industry and its impact on the world economy in the twentieth century. It examines the importance of oil in different sectors, from 1900-1973 and stresses the relevance of oil as a factor in modern economic history not only in national terms but also within an international context. The book includes chapters on American policy towards developing economies in the first half of the 20th century; the policy of Russian oil exports in the 20s and 30s; the financing of the German and French oil industries; and the role of oil in the Japanese economy, a major industrial country without oil resources. On the international front, the book covers the impact of the Middle East national oil companies, the effect of oil on the developing countries of South Ameirca and the relevance of the oil crisis of 1973.


The World Oil Market in the 1980s

The World Oil Market in the 1980s

Author: Everett M. Ehrlich

Publisher:

Published: 1980

Total Pages: 104

ISBN-13:

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Book Synopsis The World Oil Market in the 1980s by : Everett M. Ehrlich

Download or read book The World Oil Market in the 1980s written by Everett M. Ehrlich and published by . This book was released on 1980 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:


The Oil Price Revolution

The Oil Price Revolution

Author: Steven A. Schneider

Publisher:

Published: 1983

Total Pages: 658

ISBN-13:

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Book Synopsis The Oil Price Revolution by : Steven A. Schneider

Download or read book The Oil Price Revolution written by Steven A. Schneider and published by . This book was released on 1983 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt:


Changing The Whole US Economy

Changing The Whole US Economy

Author: Shamika Balluch

Publisher:

Published: 2021-04-17

Total Pages: 118

ISBN-13:

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America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.


Book Synopsis Changing The Whole US Economy by : Shamika Balluch

Download or read book Changing The Whole US Economy written by Shamika Balluch and published by . This book was released on 2021-04-17 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.


The US Economy

The US Economy

Author: Florentino Delanoy

Publisher:

Published: 2021-04-17

Total Pages: 118

ISBN-13:

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America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.


Book Synopsis The US Economy by : Florentino Delanoy

Download or read book The US Economy written by Florentino Delanoy and published by . This book was released on 2021-04-17 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: America's oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of our nation's Gross Domestic Product. We spur economic growth through hundreds of billions of dollars investing right here at home every year. The extraction of oil and natural gas from shale has reduced the amount of oil the United States needs to import and is adding to the economy in the forms of jobs, investment, and growth. Oil exploration and production is again an important industry in the United States. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020. In this book, we will look at how oil prices impact the U.S. economy. Buy now.


Global Footprints of U.S. Energy Innovations

Global Footprints of U.S. Energy Innovations

Author: Hamza Zahid

Publisher:

Published: 2023

Total Pages: 0

ISBN-13:

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This paper studies the effects of U.S. energy shocks on international economic activity and the world oil market. The analysis uses a set of factor-augmented vector autoregressions to identify and compare the impact of unanticipated changes in U.S. energy efficiency and U.S. oil supply over 1980Q1-2019Q4. The identification strategy relies on the fact that positive shocks in both cases decrease the real price of oil and increase global gross domestic product (GDP), while generating opposite implications for world oil production and consumption. On average, U.S. energy efficiency shocks have a larger impact on the real price of oil and global GDP than U.S. oil supply shocks. Historical decompositions suggest that in 2010-19, U.S. oil supply shocks increased GDP by 2 percent, while (negative) energy efficiency shocks decreased global GDP by 1.3 percent. The latter effect dominated during the second shale boom in 2017-19. Considerable heterogeneity exists in cross-country responses, with favorable implications for GDP in advanced and emerging market oil importers and adverse implications for oil exporters. The empirical findings are interpreted through the lens of a dynamic general equilibrium multi-country model that features a global oil market and where key parameters are estimated using indirect inference.


Book Synopsis Global Footprints of U.S. Energy Innovations by : Hamza Zahid

Download or read book Global Footprints of U.S. Energy Innovations written by Hamza Zahid and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effects of U.S. energy shocks on international economic activity and the world oil market. The analysis uses a set of factor-augmented vector autoregressions to identify and compare the impact of unanticipated changes in U.S. energy efficiency and U.S. oil supply over 1980Q1-2019Q4. The identification strategy relies on the fact that positive shocks in both cases decrease the real price of oil and increase global gross domestic product (GDP), while generating opposite implications for world oil production and consumption. On average, U.S. energy efficiency shocks have a larger impact on the real price of oil and global GDP than U.S. oil supply shocks. Historical decompositions suggest that in 2010-19, U.S. oil supply shocks increased GDP by 2 percent, while (negative) energy efficiency shocks decreased global GDP by 1.3 percent. The latter effect dominated during the second shale boom in 2017-19. Considerable heterogeneity exists in cross-country responses, with favorable implications for GDP in advanced and emerging market oil importers and adverse implications for oil exporters. The empirical findings are interpreted through the lens of a dynamic general equilibrium multi-country model that features a global oil market and where key parameters are estimated using indirect inference.


Oil Revolution

Oil Revolution

Author: Christopher R. W. Dietrich

Publisher: Cambridge University Press

Published: 2017-06-16

Total Pages: 371

ISBN-13: 131673952X

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Through innovative and expansive research, Oil Revolution analyzes the tensions faced and networks created by anti-colonial oil elites during the age of decolonization following World War II. This new community of elites stretched across Iran, Iraq, Saudi Arabia, Venezuela, Algeria, and Libya. First through their western educations and then in the United Nations, the Arab League, and the Organization of Petroleum Exporting Countries, these elites transformed the global oil industry. Their transnational work began in the early 1950s and culminated in the 1973–4 energy crisis and in the 1974 declaration of a New International Economic Order in the United Nations. Christopher R. W. Dietrich examines how these elites brokered and balanced their ambitions via access to oil, the most important natural resource of the modern era.


Book Synopsis Oil Revolution by : Christopher R. W. Dietrich

Download or read book Oil Revolution written by Christopher R. W. Dietrich and published by Cambridge University Press. This book was released on 2017-06-16 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through innovative and expansive research, Oil Revolution analyzes the tensions faced and networks created by anti-colonial oil elites during the age of decolonization following World War II. This new community of elites stretched across Iran, Iraq, Saudi Arabia, Venezuela, Algeria, and Libya. First through their western educations and then in the United Nations, the Arab League, and the Organization of Petroleum Exporting Countries, these elites transformed the global oil industry. Their transnational work began in the early 1950s and culminated in the 1973–4 energy crisis and in the 1974 declaration of a New International Economic Order in the United Nations. Christopher R. W. Dietrich examines how these elites brokered and balanced their ambitions via access to oil, the most important natural resource of the modern era.


Energy Crisis, 1974-1980

Energy Crisis, 1974-1980

Author: United States. Department of State

Publisher: Foreign Relations of the Unite

Published: 2013-01-03

Total Pages: 1004

ISBN-13: 9780160895319

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This volume is part of a subseries of the Foreign Relations series that documents the most important foreign policy issues of the Richard M. Nixon and Gerald R. Ford presidential administrations. Because of the long-term nature of the 1970s energy crisis, however, this volume includes the period of the Jimmy Carter administration, covering U.S. policy from August 1974 until January 1981. The documentation in this volume focuses primarily on Ford and Carter policies aimed at mitigating the damage to the U.S. and global economy caused by rising oil prices imposed in 1973 by the OPEC cartel, and in 1978 by the perceived shortage of oil supplies resulting from the Iranian Revolution. The documents show that the United States conducted a broad-based multilateral diplomacy to address the crisis and that U.S. diplomats were active participants in the development of the International Energy Agency's program of energy cooperation. The economic summits of the period brought together the heads of state from oil consuming industrialized countries in Rambouillet, London, Bonn, and Tokyo in an effort to devise a common strategy to deal with the impact of high oil prices on the global economy. This is one of a growing number of Foreign Relations volumes that document global issues instead of a bilateral relationship, reflecting the changing nature of U.S. foreign policy in response to an increasingly interrelated world. For documentation on the energy crisis prior to August 1974, see Foreign Relations, 1969-1976, volume XXXVI, Energy Crisis, 1969-1974.


Book Synopsis Energy Crisis, 1974-1980 by : United States. Department of State

Download or read book Energy Crisis, 1974-1980 written by United States. Department of State and published by Foreign Relations of the Unite. This book was released on 2013-01-03 with total page 1004 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is part of a subseries of the Foreign Relations series that documents the most important foreign policy issues of the Richard M. Nixon and Gerald R. Ford presidential administrations. Because of the long-term nature of the 1970s energy crisis, however, this volume includes the period of the Jimmy Carter administration, covering U.S. policy from August 1974 until January 1981. The documentation in this volume focuses primarily on Ford and Carter policies aimed at mitigating the damage to the U.S. and global economy caused by rising oil prices imposed in 1973 by the OPEC cartel, and in 1978 by the perceived shortage of oil supplies resulting from the Iranian Revolution. The documents show that the United States conducted a broad-based multilateral diplomacy to address the crisis and that U.S. diplomats were active participants in the development of the International Energy Agency's program of energy cooperation. The economic summits of the period brought together the heads of state from oil consuming industrialized countries in Rambouillet, London, Bonn, and Tokyo in an effort to devise a common strategy to deal with the impact of high oil prices on the global economy. This is one of a growing number of Foreign Relations volumes that document global issues instead of a bilateral relationship, reflecting the changing nature of U.S. foreign policy in response to an increasingly interrelated world. For documentation on the energy crisis prior to August 1974, see Foreign Relations, 1969-1976, volume XXXVI, Energy Crisis, 1969-1974.