'A Review of Selected Issues Affecting the Price of Crude Oil' starts by
reviewing the importance of crude oil to Canada and to the world and
Canada's place as the world's sixth largest crude oil producing country,
and the second largest crude oil reserves holder.
The paper identifies the traditional drivers of oil prices including a
review of prices over the 1970-2000 period. Then, we examine the new,
emerging factors which have impacted prices since 2000, such as the
'financialization' of crude oil markets, and concentration of crude oil
production in National Oil Companies (NOCs).
The paper examines the economic impacts of oil price movements, and the
outlook for crude oil prices, in both the short term (2010, 2011) and,
on the basis of surveys of respected organizations, longer term (to