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May 25 and 26 hearings were held in Dallas, Tex.; July 14 hearing was held in NYC; and Aug. 17 hearing was held in Wichita, Kans.; Nov. 15 and 16 hearings were held in NYC; Continuation of hearings on impact of oil imports on domestic oil and coal production. Includes criticism of U.S. policy of fostering imports by U.S. and Europe of foreign oil. Apr. 24 hearing was held in Jackson, Miss.; Apr. 25 hearing was held in New Orleans, La.; Apr. 26, hearing was held in Lake Charles, and Shreveport, La.; Apr. 27 hearing was held in Little Rock, Ark.; Apr. 28 hearing was held in Oklahoma City, Okla.; and May 2 hearing was held in Santa Fe, N. Mex.
Findings: the U.S. energy system and the role of imported oil and gas -- Findings: how dependence on imported energy affects U.S. foreign policy -- Findings and recommendations: U.S. domestic energy policy -- Findings and recommendations: The conduct of U.S. foreign policy -- Additional view.
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
This 1985 book puts business-government relations in modern America in a critical new perspective.
Assesses economic, political, and military concerns arising from the United States' dependence on foreign oil.