Oil's Role in the Global Economic Crisis

Oil's Role in the Global Economic Crisis

by tol@oilprice.com (The Oil Drum)

This is a guest post by Lucas Chanel, Research Fellow in economics, and Thomas Spencer, Research Fellow in climate and energy policies, both at the Institute for Sustainable Development and International Relations. Between January 2002 and August 2008, the nominal oil price rose from $19.7 to $133.4 a barrel. This led to a large increase in oil revenues for oil exporters and a deterioration of the current account for oil importers (Figure 1). Between 2002 and 2006, net capital outflows from oil exporters grew by 348%, becoming the largest global…Read more...