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The logic of leaving oil in the ground. CEPS Commentaries, 10 July 2008

Gros, Daniel. (2008) The logic of leaving oil in the ground. CEPS Commentaries, 10 July 2008. [Policy Paper]

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    Abstract

    This Commentary by CEPS Director Daniel Gros asks what is behind the ever-increasing price of crude oil? He argues that the supply of oil today will increase only if tomorrow’s price is low relative to the price today. This implies that China influences oil prices today not so much because (as is often asserted) Chinese demand is high today – China currently accounts for less than 10% of global consumption of crude – but because demand in China is projected to increase so much in the future, fuelling expectations of higher prices and thus leading producers to lower their rate of extraction today.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Countries > China
    EU policies and themes > Policies & related activities > energy policy (Including international arena)
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 18 Nov 2009
    Page Range: p. 2
    Last Modified: 15 Feb 2011 18:15
    URI: http://aei.pitt.edu/id/eprint/11585

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