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2009•RePEc: Research Papers in EconomicsRequires access

Did the Price Control Achieve Its Goal

Myeong Hwan Kim, Kwang Woo Park

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Abstract

As a result of the 1973 oil embargo and the subsequent increase of world oil prices, the oil price control program took place in order to reduce the impact of sharply higher external oil prices. In this regard, since the domestic price for oil was below that of the world market, the price control effort seemed to be regarded as successful. Did the oil price control achieve its goal? Maybe not. This study shows that the price control for the domestically produced crude oil was ineffective and enhanced the ability of external suppliers to manipulate prices.

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What this paper is about

As a result of the 1973 oil embargo and the subsequent increase of world oil prices, the oil price control program took place in order to reduce the impact of sharply higher external oil prices. In this regard, since the domestic price for oil was below that of the world market, the price control effort seemed to be regarded as successful. Did the oil price control achieve its goal? Maybe not. This study shows that the price control for the domestically produced crude oil was ineffective and enhanced the ability of external suppliers to manipulate prices.

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Available abstract

As a result of the 1973 oil embargo and the subsequent increase of world oil prices, the oil price control program took place in order to reduce the impact of sharply higher external oil prices. In this regard, since the domestic price for oil was below that of the world market, the price control effort seemed to be regarded as successful. Did the oil price control achieve its goal? Maybe not. This study shows that the price control for the domestically produced crude oil was ineffective and enhanced the ability of external suppliers to manipulate prices.

Key concepts: Oil price, Oil-storage trade, Control (management), Economics, Order (exchange), Crude oil, Mid price, Monetary economics

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