By Cyrus Bina (auth.)
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Additional resources for A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity
What the “futures market” does, however, is to present the extent of fluctuations and not necessarily the indispensable changes that had occurred through the crisis since early in the 1970s—the fresh mechanism that led to founding of the value, differential rent, and prices beyond the IPC (1928–72) in the entire oil industry. This is only a glimpse of innocence and complete irrelevance of the mainstream economic theory to a critical question of our time. In retrospect, one may observe a great deal of displacement in the interpretation of the traditional school in the determination of the underlying cause of the crisis that established a nearly fourfold price increase, and brought about a transfer of a significant amount of wealth in the form of differential oil rent to the more productive oil regions.
Costs and Individual Values In this section it shall be argued that total US oil capital expenditure per barrel tripled during the period of 1971–74. During the same period, the US domestic oil price also tripled. In this particular analysis, the period of 1971–74 provides the framework for understanding 30 Fou n dat ion of P ol i t ic a l E c onom y the oil crisis of 1973–74. Empirically, the relationship between the total US cost of investment (per barrel) and the average US wellhead price of oil is the basis for the argument that the increase in the price of oil was greatly influenced by an increase in its capital cost.
The “spot price” is the price of a single volume of crude oil bought and sold in the spot market (Minard 1980). This is the price that is usually referred to as the market price in economics texts. A characteristic of the “spot price” is that it fluctuates around the center of gravity of social values in the entire industry. Such fluctuations are brought about by market conditions in which demand and supply play an important part. The “posted price,” on the other hand, is a mechanism that was traditionally used for the internal transfer of crude oil within the network of major oil companies and their subsidiaries.
A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity by Cyrus Bina (auth.)