In addition to my discussion last week on the role of speculation in oil markets, let me call attention to commentary from some of my academic colleagues on the same topic:
University of Michigan Professor Lutz Kilian
Author Archives: James_Hamilton
The geography of unemployment
Some quick remarks on the unevenness of the U.S. economic recovery.
A ban on oil speculation?
Joseph P. Kennedy II, former Congressional Representative from Massachusetts, and founder, chairman, and president of Citizens Energy Corporation, has a proposal to make energy affordable for all. All we have to do, Kennedy claims, is “bar pure oil speculators entirely from commodity exchanges in the United States.”
Links for 2012-04-14
Quick links to a few items I found interesting.
Managing strategic petroleum reserves
The Wall Street Journal suggests today that part of the latest surge in China’s oil imports is attributable to a desire to boost the country’s oil stockpiles.
Current economic conditions
Friday’s jobs report was unquestionably a disappointment. But other recent U.S. economic indicators are more encouraging.
Replacing Iran’s oil production
If an embargo is successful in preventing Iran from selling a significant amount of oil on the world market, what would replace it?
2012 Econbrowser NCAA tournament challenge
Congratulations to the University of Kentucky for winning the 2012 U.S. college men’s basketball championship. Congratulations also to the 28% of those of you in our world famous Econbrowser NCAA tournament challenge who successfully predicted that Kentucky would win. The high honors go to a reader with the moniker Heteroskedastic, who correctly anticipated that Kansas would be the team Kentucky would beat in the finals, as well as picking 3 of the last 4 and 5 of the last 8 standing. Thanks to all who participated, and try again next year!
Halbert L. White, Jr., 1950-2012
It is with great sadness that I report that UCSD Economics Professor Hal White passed away Saturday morning after an extended struggle with cancer. He was an irreplaceable colleague and dear friend, and we will miss him greatly.
A rational reason for high oil prices
“There is no rational reason for high oil prices,” writes Ali Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources, in today’s Financial Times. Well, I can think of one– if oil prices were lower, the world would want to consume more than is currently being produced.