in Oxford Review of Economic Policy
January 2011; p ublished online January 2011 .
Journal Article. Subjects: Economics; Prices, Business Fluctuations, and Cycles; Economic History; Energy Economics; General Equilibrium and Disequilibrium; Market Structure and Pricing; Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 14356 words.
This paper considers price movements in the oil markets between 2003 and 2010 and seeks to explain the significant trends in this period. It notes that the oil market is by its very nature...