The Persian Gulf, Global Oil Resources, and International Security

13 Pages Posted: 29 Feb 2008

See all articles by Duane Chapman

Duane Chapman

affiliation not provided to SSRN

N. Khanna

SUNY at Binghamton, Department of Economics

Alexander Golub

Environmental Defense

Date Written: October 2006

Abstract

This article analyzes the interaction of politics and military security in global oil markets since the 1980s. The authors outline the historical evolution of the pricing structure that maintained a stable world oil market. They argue that the security framework underlying this pricing structure relied on a trade-off between price stability and military security that has contributed to growing political instability in individual Persian Gulf countries and the rise of Al Qaeda and similar groups. The article concludes with a discussion of the pros and cons of three possible policy approaches to this dilemma-a "hands-off" approach that is similar to the policy that prevailed between 1973 and 1990, a unilateral security system organized and led by the United States, and an international security framework.

JEL Classification: D47, F02, L11, Q32, Q41, Q43, Q48

Suggested Citation

Chapman, Duane and Khanna, Neha and Golub, Alexander, The Persian Gulf, Global Oil Resources, and International Security (October 2006). Contemporary Economic Policy, Vol. 24, Issue 4, pp. 507-519, 2006. Available at SSRN: https://ssrn.com/abstract=1095928 or http://dx.doi.org/10.1093/cep/byj035

Duane Chapman (Contact Author)

affiliation not provided to SSRN

No Address Available

Neha Khanna

SUNY at Binghamton, Department of Economics ( email )

Binghamton, NY 13902-6000
United States

Alexander Golub

Environmental Defense ( email )

New York, Nat'l Headquarters
257 Park Avenue South
New York, NY 10010
United States
202-387-3500 (Phone)

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