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| Myeong hwan Kim and Kwang Woo Park |
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| ''Did the price control achieve its goal?'' |
| ( 2009, Vol. 29 No.2 ) |
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| As a result of the 1973 oil embargo and the subsequent increase of world oil prices, the oil price control program took place in order to reduce the impact of sharply higher external oil prices. In this regard, since the domestic price for oil was below that of the world market, the price control effort seemed to be regarded as successful. Did the oil price control achieve its goal? Maybe not. This study shows that the price control for the domestically produced crude oil was ineffective and enhanced the ability of external suppliers to manipulate prices. |
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| Keywords: Oil Price Price Control |
JEL: E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General
Q4 - Energy: General |
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| Manuscript Received : Jan 31 2009 | | Manuscript Accepted : Jun 28 2009 |
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