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Diane Publishing Books
Fuel Subsidies, the Oil Market and the World Economy
Nathan Balke (au); Michael Plante (au); Mine Yucel (au)
This study examines the effects of oil producing countriesäó» fuel subsidies on the oil market and the world economy. The authors identify 24 oil producing countries with fuel subsidies where retail fuel prices are about 34% of the world price. They construct a two-country model where one country represents the oil-exporting subsidizers and the second the oil-importing bloc, and calibrate the model to match recent data. They find that the removal of subsidies would reduce the world price of oil by 6%. The removal of subsidies is unambiguously welfare enhancing for the oil-importing countries. Welfare can also improve in the oil-exporting countries, depending upon the extent to which they are net exporters of oil and on oil supply and demand elasticities. Tables and figures. This is a print on demand report.
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