Oil Markets
回顾了石油市场近期发展，分析周期性学派与结构性学派对油价走强的解释，并探讨产能、资源诅咒、OPEC角色、市场竞争及环境等政策议题。
Oil remains a key source of energy, and oil markets matter. Recently, there has been a revival in the debate over whether oil should attract policy attention. This paper examines what elements in oil may attract concern and policy intervention. A particular focus is the recent debate between the two schools of thought to explain recent price strength—the ‘cyclical’ school and the ‘structural’ school. There is a brief history of recent developments in oil markets and pricing. Future issues are considered which arise out of these developments and which may have policy dimensions. These include: capacity levels and supply; ‘resource curse’ and the future of supply; market control and the role of OPEC; levels of competition in the market place; and, finally, implications for the environment. The conclusion considers the challenges of using policy in such an international industry. Oxford Review of Economic Policy vol. 21 no. 1 2005 © The Author (2005). Published by Oxford University Press. All rights reserved.