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71. Saudi Arabia: The Gathering Storm

Author:
Ali Alyami
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Journal of International Security Affairs
Institution:
Jewish Institute for National Security Affairs
Abstract:
The United States has had close ties to Saudi Arabia and its ruling family since the formation of the Saudi state in the early 1930s, when American oil companies began to survey the vast inhospitable sandy terrain of that country in hopes of finding oil deposits. They did, birthing a relationship between two countries divided by religious, political, social, economic and educational values. Frankly put, Saudi Arabia and the Unites States have nothing in common other than the fact that the former has oil and the latter needs it to lubricate the engines of its military and economic might.
Topic:
Oil
Political Geography:
United States, America, and Saudi Arabia

72. PolicyWatch #1425: Interfaith, Oil, and Afghanistan: Where Saudi and U.S. Interests Diverge

Author:
Simon Henderson
Publication Date:
11-2008
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Saudi king Abdullah is in the United States this week to discuss issues of considerable interest to both countries. Tomorrow and Thursday, he is in New York City for an interfaith meeting he is sponsoring and which President Bush will be attending. On Friday and Saturday, the Saudi monarch will be at the White House, where he will be the sole Islamic or Arab representative at a summit of major economic powers discussing the world financial crisis. In a separate meeting with President Bush, he is expected to report on Saudi mediation efforts with the Taliban in Afghanistan. Despite some common interest in all these areas, perspectives differ significantly on issues such as radical Islam and the price of oil. The United States, particularly during a time of presidential transition, should be careful not to concede ground on continuing points of disagreement.
Topic:
Economics and Oil
Political Geography:
Afghanistan, United States, Middle East, Asia, and Saudi Arabia

73. Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices

Author:
Lutz Kilian and Clara Vega
Publication Date:
11-2008
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Models that treat innovations to the price of energy as predetermined with respect to U.S. macroeconomic aggregates are widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of the transmission of energy price shocks. Since exactly identifying assumptions are inherently untestable, this approach in practice has required an act of faith in the empirical plausibility of the delay restriction used for identification. An alternative view that would invalidate such models is that energy prices respond instantaneously to macroeconomic news, implying that energy prices should be ordered last in recursively identified VAR models. In this paper, we propose a formal test of the identifying assumption that energy prices are predetermined with respect to U.S. macroeconomic aggregates. Our test is based on regressing cumulative changes in daily energy prices on daily news from U.S. macroeconomic data releases. Using a wide range of macroeconomic news, we find no compelling evidence of feedback at daily or monthly horizons, contradicting the view that energy prices respond instantaneously to macroeconomic news and supporting the use of delay restrictions for identification.
Topic:
Economics, Energy Policy, Oil, and Macroeconomics
Political Geography:
United States and North America

74. Energy Alarmism: The Myths That Make Americans Worry about Oil

Author:
Daryl Press
Publication Date:
04-2007
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Many Americans have lost confidence in their country's “energy security” over the past several years. Because the United States is a net oil importer, and a substantial one at that, concerns about energy security naturally raise foreign policy questions. Some foreign policy analysts fear that dwindling global oil reserves are increasingly concentrated in politically unstable regions, and they call for increased U.S. efforts to stabilize—or, alter-natively, democratize—the politically tumultuous oil-producing regions. Others allege that China is pursuing a strategy to “lock up” the world's remaining oil supplies through long-term purchase agreements and aggressive diplomacy, so they counsel that the United States outmaneuver Beijing in the “geopolitics of oil.” Finally, many analysts suggest that even the “normal” political disruptions that occasionally occur in oil-producing regions (e.g., occasional wars and revolutions) hurt Americans by disrupting supply and creating price spikes. U.S. military forces, those analysts claim, are needed to enhance peace and stability in crucial oil-producing regions, particularly the Persian Gulf.
Topic:
Security, Oil, and Political Economy
Political Geography:
United States and America

75. PolicyWatch #1300: The Consequences of $100 Oil

Author:
Simon Henderson
Publication Date:
11-2007
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Over the next few days, oil is likely to break the $100 per barrel mark -- a price that will further raise U.S. consumer costs and conflict with economic measures such as the October 31 interest rate cut. Ironically, good news, such as predictions of greater economic growth, is just as likely to push oil prices above $100 as bad news. In either case, the price spike means both continuing danger and new opportunities for U.S. policy in the Middle East.
Topic:
Energy Policy and Oil
Political Geography:
United States and Middle East

76. U.S. Energy Security and Oil Revenue Transparency

Publication Date:
05-2007
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
A diverse set of panelists addressed the challenges and opportunities presented by the growing importance of energy security as a central element of the U.S. foreign policy debate. The first panel featured speakers from the non-profit, private and financial sectors discussing the links between U.S. energy security and oil revenue transparency. All panelists focused on how a lack of transparency in energy transactions can contribute to both national instability in oil-rich nations and energy insecurity in oil-importing countries. Revenue transparency was seen by all as a critical first step in combating corruption. Panelists also noted the importance of conceiving of transparency in the broadest terms, to encompass budget transparency, contract transparency, reserves transparency, and transparency of concessions.
Topic:
Foreign Policy, Energy Policy, International Political Economy, and Oil
Political Geography:
United States

77. The Case for Exchange Rate Flexibility in Oil-Exporting Economies

Author:
Brad Setser
Publication Date:
11-2007
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Brad Setser is a fellow at the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations. He previously worked as a senior economist at RGEMonitor, an online financial information service. He served in the US Treasury Department from 1997 to 2001, where he concluded his tenure as the acting director of the Office of International Monetary and Financial Policy, and spent 2002 as a visiting scholar at the International Monetary Fund. He is the coauthor of Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies (Institute for International Economics, 2004) with Nouriel Roubini.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Oil
Political Geography:
United States

78. Energy: The New Normal?

Author:
John A. Riggs
Publication Date:
10-2006
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
The title of the 2006 Energy Policy Forum—Energy: The New Normal? — raises two primary questions: has the world crossed a threshold into a qualitatively different energy environment in which the era of cheap and plentiful energy is over, and does the interaction of energy issues with other considerations, such as national security, foreign affairs, and global climate change, require fundamentally new ways of thinking about U.S. energy policies?
Topic:
Energy Policy, Environment, and Oil
Political Geography:
United States and Middle East

79. New rules for a new 'Great Game'

Author:
Anthony Bubalo and Mark P Thirlwell
Publication Date:
11-2006
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
Strongly growing demand for oil, the sharp run up in prices since mid-2003 and tight supply, have seen energy insecurity return to the international policy agenda. Fears have been raised that China's emergence as a voracious consumer of oil and gas and a keen competitor in global energy markets might imperil the largely cordial relationship that has developed between Beijing and Washington over the last decade. There is also a risk that the competition for energy resources could feed into the less than cordial relations between China and Japan. The purpose of this Policy Brief is to examine the risks that the competition for oil resources might pose for international security, focusing in particular on the relationships between the United States, Middle East oil producers and major Northeast Asian energy consumers, and to propose a mechanism for defusing some of the risks that this competition could entail.
Topic:
Energy Policy, International Organization, International Political Economy, and Oil
Political Geography:
United States, Japan, China, and Middle East

80. The Three-Way Game: Iran, Iraq, and the United States

Author:
Michael Knights
Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
The July 16–18 visit to Tehran by Iraqi prime minister Ibrahim Jafari and ten other members of his council of ministers has been hailed by some as the beginning of a new era in Iran-Iraq relations. In fact, the pattern of near-term relations was set during Iraqi defense minister Saadoun al-Dulaimi's preparatory visit to Iran on July 5–7. At a joint press conference on July 7 with his Iranian counterpart, Rear Admiral Ali Shamkhani, the Iraqi official fell victim to the oldest trick in the Iranian diplomatic playbook. Speaking well beyond what had been agreed by the two sides, Shamkhani announced “wide defense cooperation” and alluded to the imminent conclusion of a defense pact between the two countries (as Iran has done in the past with Bahrain, Kuwait, Oman, and Saudi Arabia). Al-Dulaimi was likewise forced to clarify the limited nature of the discussions while also taking pains to state, “Iraq will not be a source of insecurity and instability for any of its neighbors. Nobody can use [Iraqi territory] to attack its neighbors.” The message to both Tehran and Washington was clear: the three-way game between the governments of Iran, Iraq, and the United States has begun again. With Iraq caught in the middle, Baghdad intends to play an increasingly autonomous role as the game unfolds.
Topic:
International Relations, Government, and Oil
Political Geography:
United States, Iraq, Iran, Washington, and Middle East