Globalizing Oil
Globalizing Oil by Llewelyn Hughes, published by Cambridge University Press on January 16, 2014, offers a detailed examination of the complexities surrounding the global oil market. This edition spans 254 pages and is presented in English. Hughes explores the significant role oil plays as a commodity and its politicization, particularly how advanced industrial states responded to these dynamics in the 1970s by implementing market liberalization strategies.
In this book, readers will find an analysis of how governments adapted to the changing landscape of oil governance, including the freeing of prices and the privatization of national oil companies. Hughes addresses critical questions regarding the motivations behind government support for domestic firms and the implications of these actions on economic policy and international relations. The study sheds light on the evolving balance of risk and opportunity for firms within the oil industry, providing insights relevant to the fields of political science and environmental economics.
Official synopsis Publisher
Oil is the world’s most important commodity. It is also one of the most politicized, with national oil companies controlling most of the world’s reserves. Contrary to conventional wisdom, Llewelyn Hughes shows that governments across the advanced industrial states responded to the politicization of oil in the 1970s by freeing prices, lowering barriers to trade, and privatizing national oil companies. How did this come about? And why do some governments continue to support domestic firms? In answering these questions, Hughes shows that the politicization of oil also led to a transformation in oil market governance by changing the balance of risk and opportunities facing firms. He also shows that their ability to benefit from this change was conditioned by previous attempts to shape the competitive landscape in their favor. Hughes’ study has important implications not only for the politics of oil, but also for the study of economic liberalization.
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