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293OPEC v/s OPIC

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  • Prabhakar Deshpande
    Mar 5, 2004

      Dear Sir/Madam,

      I have written a paper proposing formation of Organisation of Petroleum Importing Countries to combat the power of OPEC. By reducing oil consumption by very minimal amount, oil prices can be forced downwards from US $ 30 to US $ 10. The world can reduce its spending on oil from around to US $ 1 trillion to less than US $ 300 billion. The money saved could be used to fund a global poverty fund of around US $ 300 billion that could combat malnutrition, AIDS, lack of drinking water and sanitation, primary education, primary health care and so on. The paper has been published in online journal on environmental economics at Social Sciences Research Network. You may access the abstract at http://ssrn.com/abstract=439680 and download the detailed paper by clicking on download document button.

      The abstract is paster below for easy reference.

      I would like to write an article/paper in Petroleum Economist about this idea. May be it could be follow up paper or it could be an article referring this paper. I believe we can solve three goals of poverty removal, environmental protection and controlling oil prices.

      Please let me know, how I should go about publishing an article in Petroleum Economist.


      Warm and Kind Regards

      Prabhakar Deshpande

      OPEC v/s OPIC - A Case for Formation of Organisation of Petroleum Importing Countries

      The Economic Times - Intelligence Group

      A hike in Oil Prices is inevitably followed by recession. Also the Oil prices are highly volatile. The smallest production cut by OPEC leads to massive increase in prices. Hence even if the Oil importing Countries reduce demand by small amount the prices should fall.

      Oil importing countries should unite and form Organization of Petroleum Importing Countries (OPIC). The purpose of Organization of Petroleum Importing Countries would be to stabilize the Oil Prices in the region of 10$ a barrel by reducing the consumption of Oil.

      OPIC will research and help nations reduce their energy intensity of GDP. Since Transportation consumes maximum amount of Oil with little substitutes, the target would be to reduce Oil consumption in Transport sector by promoting Public Transportation by taxing personal vehicles (cars etc) and gasoline appropriately reflecting their externalities. OPIC would promote substitution by Natural Gas wherever possible. OPIC would promote clean environment and meeting the environmental standards set in Rio De Janeiro and Kyoto. OPIC would promote military cooperation between Oil Importing Countries to ensure Energy Security by combating terrorism and conflicts in Middle East.

      OPIC would use the savings from Oil - 300 billion dollars to 500 billion dollars to create a Global Poverty Fund, which would be used to promote food security, investments in health care and education, drinking water, sanitation and empowerment of women.

      Keywords: OPEC, Oil prices, dollars, Oil, Poverty, Environment, Energy, Efficiency

      Go to Download Document Button to download paper from the SSRN Electronic Paper Collection

      Contact Information for PRABHAKAR DESHPANDE (Contact Author)

      prabdesh@... (Email address for PRABHAKAR DESHPANDE )
      The Economic Times - Intelligence Group
      16/9 , JPM Society
      Sant Ramdas Road
      Mumbai 400081 ,Maharashtra
      91-22-25601436 (Phone)

      Suggested Citation
      Deshpande, Prabhakar, "OPEC v/s OPIC - A Case for Formation of Organisation of Petroleum Importing Countries" . http://ssrn.com/abstract=439680


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