Energy Policy 39 (2011) 603–612 Contents lists available at ScienceDirect Energy Policy journal homepage: www.elsevier.com/locate/enpol Impact of oil price shocks on selected macroeconomic variables in Nigeria Akin Iwayemi 1‚ Babajide Fowowe n Department of Economics‚ University of Ibadan‚ Ibadan‚ Nigeria a r t i c l e in f o Article history: Received 14 January 2010 Accepted 20 October 2010 Available online 11 November 2010 Keywords: Oil price shocks Nonlinear models Nigeria abstract
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the fuel the pace of the development of any country will be hampered drastically. The world history has witnessed how the oil price shock in the global market has created inconvenience for all of the countries more than once since the emergence of OPEC (Oil and Petroleum Exporting Countries) Union. In recent time‚ the world is experiencing severe fluctuation in the prices of oil. The price of oi l showed huge increase since the beginning of the twenty first century. But the prices of oil reached
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THE EFFECTS OF RISING OIL PRICES PER BARREL ON THE OPERATIONS AND FUNCTIONING OF THE MINING INDUSTRY IN Research Proposal Candidate: Faculty: Economics and Administrative Sciences Instructor: Cyprus International University‚ Haspolat‚ Lefcosa‚ Turkish Republic of Northern Cyprus. Aim: The aim of this study is to investigate whether or not an increase in the price charged for oil per barrel will have an impact on the overall functioning of the mining industry and the operations carried out
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Do you like paying $3.78 for a gallon of gasoline? Well‚ as of May 16‚ 2008 that is the national average. You wake up knowing you need to fill the tank and the hair stands up on the back of your neck as you think of how much more the price has increased over night. It doesn’t have to be that way if you believe in the power of change. Hydrogen fuel is that change for the automobiles of the future. Hydrogen has been used for decades‚ but mostly for commercial use. Each year‚ we get closer to
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Crude oil‚ being the leading provider of energy on this planet‚ is closely monitored‚ forecasted and heavily traded in the world market. The International Energy Agency (IEA) is one of the noted agencies in charge of accounting for current supply and estimating oil future demand. As Sohbet Karbuz reports in his article‚ Confessions of a Statistician‚ the accounting of these fundamentals is complex‚ requires significant guess work and be subject to fraud and misreported information. This makes
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FMCG firms in a fix over pricing strategy | | | | Some relief is on the way for fast-moving consumer goods( FMCG) companies‚ with prices of crude oil‚ wheat‚ milk and palm oil either on the decline or stabilising. Even as flexible packaging prices — which had become a new headache for FMCG companies — may come down on the back of stable crude oil prices‚ the verdict on production costs is still unclear. While palm oil prices have crashed by almost 40 per cent‚ wheat and milk rates are
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INTRODUCTION The Niger Delta of Nigeria is among the richest deltas in the world. Other major deltas are either famous for crude oil and natural gas (Amazon in Brazil‚ Orionoco in Venezuela‚ Mississippi in the U.S.A.‚ Mahakarn in Indonesia) or grow mainly rice (e.g. Indus in Pakistan‚ Ganges in Bangladesh‚ Mekong in Vietnam). The Niger Delta however has huge oil and gas reserves and ranks as the world’s sixth largest exporter of crude oil and the second largest producer of palm oil‚ after Malaysia
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Market Analysis for Electric Vehicles in India:- India National Electric Mobility Mission Plan 2020 expects 5-7 million electric vehicles (EVs) running on the roads by 2020. The demand for electric vehicles in India is driven by high oil price forecasts‚ and an unsaturated growing demand for personal passenger cars. The transport sector accounts for one-third of the total crude oil consumption and the road transportation accounts for more than 80% of this consumption. India’s consumption of crude
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FACTS ABOUT PETROL PRICES & THE AUSTRALIAN FUEL MARKET INTERNATIONAL PRICES Crude oil‚ petrol and diesel are different products and are bought and sold in their own markets. Each market is typically regionally-based and there are linkages and transactions between regional markets. Prices in regional markets reflect the supply and demand balance in each market and the physical characteristics and quality of each commodity. Prices in regional markets can be volatile and can move in different directions
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The Global Oil and Gas industry has experienced difficulties in recent years occasioned by the fall in the global oil prices. My current employer‚ Seplat Petroleum Development Company‚ operates in the Nigeria oil and gas industry and is not immune from the global problems mentioned. However‚ the company also face numerous challenges that locally imposed in addition to globally identified issues. The key issues that the company will face in the next five years are discussed in this essay. Perhaps
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