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Journal Article

THE INTERNATIONAL OIL PRICE MECHANISM

F. A. Hasab
Acta Oeconomica
Vol. 3, No. 1 (1968), pp. 91-107
Published by: Akadémiai Kiadó
Stable URL: http://www.jstor.org/stable/40728253
Page Count: 17

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Topics: Oil prices, Monopoly, Crude oil, Oil industry, Economic rent, Coal, Prices, Market prices, Capitalism, Hydrocarbons
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THE INTERNATIONAL OIL PRICE MECHANISM
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Abstract

The author deals with practical and theoretical aspects of the international oil price mechanism, mainly elucidating the posted-price system as a monopoly price. Special attention is given to the effect of the relatively uniform price mechanism of the various energy carriers. The factors determining the crude oil price are also examined. In the second part of the paper an attempt has been made at investigating the special problem of the mine rent of hydrocarbons, from the point of view of the price formation of oil. The author tries to answer the question whether under present-day conditions an absolute rent in the Marxian sense does exist or not in oil production and in the other extracting industries.

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