Changing crude oil price effects on US agricultural employment

1996 ◽  
Vol 18 (3) ◽  
pp. 185-202 ◽  
Author(s):  
Noel D. Uri
Keyword(s):  
Crude Oil ◽  
Oil Price ◽  
Crude Oil Price ◽  
Agricultural Employment ◽  
Price Effects

The Impact of Crude Oil Price Volatility on Agricultural Employment in the United States

1996 ◽  
Vol 7 (1) ◽  
pp. 57-74 ◽  
Author(s):  
Noel D. Uri
Keyword(s):  
United States ◽  
Crude Oil ◽  
Price Volatility ◽  
The United States ◽  
Oil Price ◽  
Crude Oil Price ◽  
Oil Price Volatility ◽  
Agricultural Employment ◽  
Cointegration Tests ◽  
The Impact

This study addresses the question of whether fluctuations in the price of crude oil have affected agricultural employment in the United States. After reviewing previous assessments of the issue, the existence of an empirical relationship between agricultural employment and crude oil price volatility is established using cointegration tests. Subsequently, the nature of the relationship is estimated with the results suggesting that at least three full years are required before the measurable impacts of a percentage change in the real price of crude oil on the change in agricultural employment are exhausted. Finally, the structural stability of the functional relationship between the change in agricultural employment and the volatility of the price of crude oil, the percentage changes in expected net farm income, realized technological innovation, and the wage rate is examined.

Impact of crude oil price on the socio-political environment of global countries

2019 ◽  
Vol 118 (3) ◽  
pp. 110-122
Author(s):  
Johnson Clement Madathil ◽  
Velmurugan P. S
Keyword(s):  
Crude Oil ◽  
Descriptive Analysis ◽  
Oil Price ◽  
Policy Framework ◽  
Political Environment ◽  
Policy Reforms ◽  
Crude Oil Price ◽  
Short Term ◽  
Political Impact ◽  
New Energy

Crude oil is known to have an impact on people’s life of both producers and consumers of crude oil countries. A producer country’s socio-political impact will be different from a consumer country’s socio-political impact. This paper aims to show that crude oil price has a socio-political impact on global countries through descriptive analysis. The study found that there were similarities in the movement of crude oil price and change in GDP of both India and United States and further Russia and Venezuela have had crude oil impact on their respective GDP’s, which has made them take policy reforms. The paper identifies changes in the policy framework due to influence of crude oil price and eventual changes in existing socio-political environment. Taking oil producing countries such as Russia and Venezuela as examples, this paper suggests that policy reforms are the key to having a stable socio-political environment. Russia shows us that having a flexible monetary policy can keep the budget dependence on crude oil reduced in the short term. On the other hand, for oil consuming countries, having a stable supply and moving to new energy sources is the key to tackle the influence of crude oil price on the socio-political environment of global countries.

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