Abstract
This paper reviews the relationships between OPEC crude oil production levels, Canadian crude oil prices, and Canadian crude oil consumption. The paper includes a regression analyses applied to relevant data to assess the effects of OPEC production.

From the Paper
"Poor discipline among the member states of OPEC together with increased production in non-OPEC oil exporting states compromised OPEC's ability to dictate world crude oil prices. The organization, however, continues to play a highly important role in the world crude oil market..."

Tags:Crude, Oil, OPEC, Marker, Share

Abstract
This report provides a microeconomic analysis of crude oil behavior over a 25-month period (March 2001 to April 2003). The conclusion drawn was that supply expectations, as opposed to actual supply or demand changes, were the greatest influence on crude oil prices during the period of analysis. The paper includes 4 charts/graphs and 1 table.

From the Paper
"Over the past six months crude oil prices have been especially volatile although the general trend has been upward over this period. Over a two-year period however crude oil prices have also ..."

Tags:Price, behavior, Crude, oil, LRAS, SRAS, AD

Abstract
This paper relates that while the Organization of Petroleum Exporting Countries (OPEC) is often considered to be a conglomerate of all the powerful oil producing nations of the world, the actual power of OPEC may not be as substantial as is perceived. The paper discusses the fluctuation in oil prices and how it is due to trader and investor expectations as well as speculation. The paper also examines other factors behind the price increases and then addresses the recent deflation in oil prices. The paper concludes that in order for the United States to grow in independence and away from the seemingly cartel-like oil environment of the world, an increase in domestic oil must be pursued.

Outline:
The Crude Oil Market
The Power of OPEC
The True Players of the Oil World
Eternal Demand, Finite Supply
Fluctuations in the Crude Oil Market and Price Regulation
Tangible Oil Price Fluctuations
Conclusion

From the Paper
"The crude oil market is one of incredible demand with a seemingly limited supply; however this will be exhibited to be at times merely a matter of perception. The oil market in recent times, particularly within the last two years, has been relatively volatile. Prices have spiked up and dropped down, creating a situation of speculation which in turn has allowed a bubble to develop. Traders warned that the crude oil market was moving into an "unstable equilibrium" as the International Energy Agency (IEA) raised concerns about the market's ability to meet an expected jump in demand for oil-based products. (MEED 16) This lack of supply for the expected demand, which may perhaps be the result of cartel-like collusion on price manipulation, will inevitably lead to an increase in the cost of oil, which ultimately will trickle down to the consumer."

Tags:traders, investors, speculation, OPEC, cartel, monopoly, supply, demand

Abstract
The paper researches the potential effects on the American economy of high crude oil prices in 2004. The paper discusses the dependence on oil for energy purposes and describes the energy problems in the U.S. and the world at large, including crude oil prices. The paper illustrates the effect on the American economy.

From the Paper
"High crude oil prices and in turn high prices for refined products, are the source of worries about the economy in the fall of 2004. The world's dependence on energy sources, most of which are not located in areas where they are consumed, causes the locations of world energy reserves to be as crucial a concern as are the energy surplus and deficit characteristics of the various international regions."

Tags:Crude, oil, prices, Macroeconomic, effects

Abstract
Examines various aspects of the global crude oil market. Dominant issues. Future supply/demand assessment. Role of OPEC. Economic effects on Saudi Arabia of future supply and demand for crude oil. Discusses past developments, the energy crisis and crude oil supply and demand in 2001. Global environment. Future implications. 3 Tables.

From the Paper
"THE INTERNATIONAL OIL MARKET: FUTURE SUPPLY/DEMAND ASSESSMENT AND ITS PROBABLE IMPACT ON THE ECONOMY OF SAUDI ARABIA

Introduction
From March 2001 to November 2001, the global crude oil market shifted from an environment of under supply to an environment of under demand. In early-2001, the dominant issue in the context of the global crude oil market was the probable economic effects on oil-importing nations. In late-2001, however, the dominant issue in this context is the probable economic effects on oil-exporting nations; especially oil-exporting nations for which crude oil is the country s primary source of export earnings ( A changing Oil Market 19).

Saudi Arabia is a prime example of an oil-exporting nation for which crude oil is the country s primary source of export ..."

Abstract
The paper discusses the creation of the Organization of Petroleum Exporting Countries (OPEC) that was formed in the 1960s due to the fear by its member states that an oil surplus would over-saturate the market and cause producers to square off against one another in pricing. The paper looks at how in the immediate future, the OPEC faces a number of considerations with regard to its pricing approach. The paper discusses how war and recession have lowered consumer demands and stifled the Arab supply of oil, but the OPEC has refused to lower prices and increase the supply of oil. The paper points out that this exorbitant pricing of oil may only invoke greater competition against the OPEC and will not serve their best interests in the long run. The paper clearly shows how with decreased oil demand, the OPEC would do well to increase supply and drop its prices, thus allowing it to regain its stature in the market.

From the Paper
"The distinction between these rankings in terms of production and those rankings relating to the export of crude oil reveal a great deal about certain energy consumption tendencies. Indeed as with production, Saudi Arabia here occupies the top spot, exporting 8,038,000 barrels a day in 2007. Likewise, Russia exports 7,054,000 barrels a day, making second in the world. At a distant third though is the United Arab Emirates (UAE), which like Saudi Arabia is a member of OPEC, at 2,507,000 barrels exported a day. It is compelling to note that the United States does not even appear on the list of top 15 exporters in spite of the fact that it is the third largest oil producer in the world. This provides a telling picture of the nation which is by more than twice the next nation--China at 7,565,000 barrels a day--the largest consumer of the global petroleum supply. The United States consumed, as of 2007, 20,680,000 barrels of crude per day, meaning that in spite of its ranking as third largest world producers, it is also by far the world's largest importer of petroleum. This amounts to 12,224,000 per day and is three times as much as Japan's second place import ranking. (EIA, 1) To this point, we can see that the United States, historically itself a prime engine for the global economy, in many ways drives and dominates various aspects of the world's petroleum market."

Tags:exports, petroleum, barrrels, recession, war, downturn

Abstract
The paper analyzes the recent volatility in oil prices in the context of the principles of supply and demand. The paper then examines the potential impacts of speculation on oil prices and looks at the effect of higher oil prices on the overall economy. The paper includes two color graphs.

Outline:
Introduction
Demand
Supply
Speculation
Cost of High Oil Prices
Past History
Conclusion

From the Paper
"Oil is traded on the New York Mercantile Exchange and traditionally the companies trading in oil were those that used it in their businesses - airlines, fuel companies. Positions in oil have become increasingly held by investment entities seeking to speculate on the price of oil, such as CalPERS, the Harvard Endowment and other institutional investors (Kroft, 2009). Using leverage and substantial financial capability, these speculators were able to create a bull run in oil in 2008. The evidence is considerable. In 2008 there were 27 barrels of oil traded for every 1 that was consumed. The amount of institutional money in the commodities markets shot up from $13 billion to $300 billion in just five years.
"Speculative investing represents a significant distortion in the market for oil. Because the traders have no need of taking delivery, they are merely concerned with spreads and percentages, rather than actual prices. These entities engage in substantial buying and selling, yet they represent neither demand nor supply. Indeed, supply rose and demand fell during the period when crude oil prices spiked, illustrating that speculation was the main price driver, not supply and demand. This distortion is the only reasonable explanation for the stark divergence between supply, demand and price in 2008. Graph 1 shows this disconnect, as crude supply and crude demand changed little during the period of high volatility, which should not have been the case - such volatility in price should have accompanied by an equivalent disconnect between supply and demand."

Tags:OPEC, inflation, elasticity

Abstract
The paper provides definitions of economics, microeconomics, the law of supply, and the law of demand. Factors that lead to change in supply and demand are also identified. In addition, the current discussion analyzes trends in consumption based on the article entitled "OPEC Should Cut Oil Supply if Demand Slow -Iraq". More precisely, analysis is provided to explain what has occurred to change the demand and the supply of the oil.

From the Paper
"The following discussion a general explanation concerning concepts fundamental to the study of economics. Specifically, the current study provides definitions of economics, microeconomics, the law of supply, and the law of demand. Factors that lead to change in supply and demand are also identified. In addition, the current discussion analyzes trends in consumption based on the article entitled OPEC should cut oil supply if demand slow -Iraq. More precisely, analysis is provided to explain what has occurred to change the demand and the supply of the oil."

Tags:economics, law of supply, law of demand

Abstract
Discusses possible reasons for the use of the oil weapon, including the foreign policy of the U.S. toward Middle East countries and treatment of people of Middle Eastern heritage in the U.S. after 9/11.

From the Paper
"The purpose of this study was to assess the probability that Middle East member countries of OPEC would use the oil weapon against the United States. The posited motivation for use of the oil weapon was dissatisfaction with the foreign policy of..."

Abstract
This paper describes the potential use of Alberta's oil sands, which may potentially be converted into an upgraded crude oil. The paper further notes that until recently, Alberta's bitumen deposits were known as tar sands but are now referred to as oil sands. The bitumen deposits are a thick, sticky form of crude oil, so heavy and viscous that it will not flow properly unless it is heated or diluted with lighter hydrocarbons.

From the Paper
"Alberta's oil sands consist of deposits of bitumen, which is a black viscous oil that must be properly treated to convert it into an upgraded crude oil before it can be used by refineries to produce gasoline and diesel fuels. Until recently, Alberta's bitumen deposits were known as tar sands but are now referred to as oil sands. Bitumen is best described as a..."

Tags:alberta, oil, sands