12-03-06

reading about the impact of high oil prices

Source: U.S. Department of the Treasury
Petrodollars and Global Imbalances (PDF; 478 KB)
"In December 1998, the price of high-quality crude oil briefly fell below $11 a barrel as financial crises in Asia, Russia, and Brazil dampened demand. Adjusted for inflation, the price was the lowest since 1973. As the world economy recovered and grew, the price of oil rose markedly, peaking at almost $70 per barrel in 2005 before ending the year at $61 per barrel. Today, the price continues to hover at around $65. This sustained rise in prices has generated hundreds of billions of dollars of extra revenue for oil exporting countries (e.g. the Bank of International Settlements estimates $1.3 trillion to OPEC since end-1998). This Occasional Paper examines the major sources and uses of this windfall and its impact on global imbalances. The paper is not intended to be a comprehensive assessment of the petrodollar phenomenon, but rather to identify issues that warrant further examination. and setting aside money for future generations, measures which should help insulate them from oil price volatility.

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