The Experts below are selected from a list of 213 Experts worldwide ranked by ideXlab platform
Steve Marsh - One of the best experts on this subject based on the ideXlab platform.
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Anglo-American Crude Diplomacy: Multinational Oil and the Iranian Oil Crisis, 1951–53
Contemporary British History, 2007Co-Authors: Steve MarshAbstract:The importance of non-state actors to western Cold War strategy and intergovernmental relations has not generally received the attention that it warrants. This article uses Iran's nationalisation of its Oil industry in the early 1950s to demonstrate that analysing the role of non-state actors – in this case the Oil majors – can provide further insights both into the policies adopted by the British and American governments toward the Crisis and into consequent Anglo-American relations. Specifically it argues that the British and American governments found the Oil majors to be indispensable in addressing the Oil Crisis and useful in managing their bilateral relationship. They also found, however, that the Oil majors were able to de facto impose limits upon Anglo-American ‘crude diplomacy’ and that in doing so they on occasion changed the balance of Anglo-American exchanges.
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Anglo-American Relations and Cold War Oil: Crisis in Iran
2003Co-Authors: Steve MarshAbstract:This major new book provides new insights into the special relationship and the Anglo-Iranian Oil Crisis. It analyses the interplay of british and American policies at the global, Middles Eastern and Iranian levels and explores the impact on national policy of the Oil majors. It also develops conclusions that challenge ideas of postwar US hegmony within the Western Allience and traditional realist and Cold War interpretations of international relations. The book argues too, that the Oil Crisis encouraged the US to supplant Britain as the senior western power in the Middle East and, in relative terms, to downgrade the special relationship. Also, humiliation in Iran and failure to learn important lessons helped deliver Britain to the Suez Crisis. And US covert operations against Iran's Premier had repercussions that ultimately weakened Cold War detente and made Iran, the implacable enemy of America that President George Bush Jr denounced in 2002 as part of an 'axis of evil'.
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HMG, AIOC and the Anglo-Iranian Oil Crisis: In defence of Anglo-Iranian
Diplomacy & Statecraft, 2001Co-Authors: Steve MarshAbstract:At the interface of big business and government, with whom does influence and responsibility lie? Rarely is the answer clear‐cut, yet accounts of the Anglo‐Iranian Oil Crisis of 1948–54 have often roundly blamed the Anglo‐Iranian Oil Company (AIOC) for British mishandling of it. This article seeks to redress the balance. Whilst no apologia for AIOC policy, it contends that HMG should shoulder much more responsibility than hitherto allowed. From clandestine partnership through to sacrificial pawn, the government used the company as an instrument of foreign policy as it sought to marry the protection of AIOC interests in Iran with wider concerns for combating communism and promoting the Anglo‐American ‘special relationship’.
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The Special Relationship and the Anglo-Iranian Oil Crisis, 1950–4
Review of International Studies, 1998Co-Authors: Steve MarshAbstract:The Anglo-Iranian Oil Crisis of 1950–4 provides an ideal case-study for those interested in the postwar Anglo-American Special Relationship. This article investigates the Oil Crisis with two purposes in mind: first, to demonstrate how Britain and the United States struggled to adjust their bilateral relations in response to their changing postwar world positions; second, to show just how crucial both countries perceived the Special Relationship to be in the early 1950s. This is done by examining the American decision not to pursue a policy in the Iranian Oil Crisis that would undermine Britain’s position, despite at times severe Anglo-American tension. It is concluded that the problems created by the changing balance of forces within the Special Relationship were mitigated in Iran by a combination of consanguinity and, more important, the US need for British help in its policy of global containment. In short, Anglo-American policy-makers perceived sufficient mutual need to persuade them to actively preserve and develop the Special Relationship.
Sami Alpanda - One of the best experts on this subject based on the ideXlab platform.
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Oil Crisis, energy-saving technological change and the stock market crash of 1973–74☆
Review of Economic Dynamics, 2010Co-Authors: Sami Alpanda, Adrian Peralta-alvaAbstract:The market value of U.S. corporations was nearly halved following the Oil Crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neo-classical growth model to quantify the impact of the increase in energy prices on the market value of U.S. corporations. In the model, corporations adopt energy-saving technologies as a response to the energy price shock and the price of installed capital falls due to investment irreversibility. The model calibrated to match the subsequent decline in energy consumption in the U.S. generates a 24% decline in market valuation - accounting for nearly half of what is observed in the data.
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Oil Crisis energy saving technological change and the stock market crash of 1973 74
2008Co-Authors: Sami Alpanda, Adrian PeraltaalvaAbstract:The market value of U.S. corporations was nearly halved following the Oil Crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neo-classical growth model to quantify the impact of the increase in energy prices on the market value of U.S. corporations. In the model, corporations adopt energy-saving technologies as a response to the energy price shock and the price of installed capital falls due to investment irreversibility. The model calibrated to match the subsequent decline in energy consumption in the U.S. generates a 24% decline in market valuation - accounting for nearly half of what is observed in the data.
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Computing in Economics and Finance, 2006Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations was nearly halved following the Oil Crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neoclassical growth model to quantify the impact of the increase in energy prices on the market value of U.S. corporations. In the model, corporations adopt energy-saving technologies as a response to the energy price shock and the price of installed capital falls due to investment irreversibility. The model calibrated to match the subsequent decline in energy consumption in the U.S. generates a 24% decline in market valuation; accounting for nearly half of what is observed in the data
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Econometric Society 2004 Latin American Meetings, 2004Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations, relative to the replacement cost of their tangible assets, declined by about 50% in 1973-74, and stagnated at that level for the following decade. This collapse in market valuations exactly coincides with the Oil Crisis of October 1973. Over the 1973-78 period, the OPEC embargo translated into 44% increase in energy prices. This paper uses a calibrated dynamic general equilibrium model to quantitatively assess the impact of the energy price increase on the market value of U.S. corporations. In the model, energy-saving technologies are adopted as a response to an unexpected energy price shock. Investment in old, energy-intensive, technologies stops and their market value collapses. Our quantitative experiments match the share of energy in total costs, and the trends in the energy-output ratio of the U.S. economy. We find that the observed changes in energy prices can account for most of the observed drop in Tobin's average q
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Social Science Research Network, 2003Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations, relative to the replacement cost of their tangible assets, declined by about 50% in 1973-74, and stagnated at that level for the following decade. This collapse in market valuations exactly coincides with the Oil Crisis of October 1973. Over the 1973-78 period, the OPEC embargo translated into 44% increase in energy prices. This paper uses a calibrated dynamic general equilibrium model to quantitatively assess the impact of the energy price increase on the market valuation of U.S. corporations. The key features of the model are the technology-specific nature of capital, the irreversibility of investment decisions, and the induced innovation hypothesis. In the model, the arrival of a new energy-saving technology coincides with the increase in energy prices; rendering old capital obsolete, and its market value to collapse. In the data, the number of patents granted to enery-saving technologies increased in the mid 1970's, which gives empirical support to the induced innovation hypothesis. We find the observed changes in energy prices, together with the energy saving change implied in the observed energy output data, generate an 17% drop in Tobin's q; slightly more than a third of what is observed in the data.
Adrian Peraltaalva - One of the best experts on this subject based on the ideXlab platform.
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Oil Crisis energy saving technological change and the stock market crash of 1973 74
2008Co-Authors: Sami Alpanda, Adrian PeraltaalvaAbstract:The market value of U.S. corporations was nearly halved following the Oil Crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neo-classical growth model to quantify the impact of the increase in energy prices on the market value of U.S. corporations. In the model, corporations adopt energy-saving technologies as a response to the energy price shock and the price of installed capital falls due to investment irreversibility. The model calibrated to match the subsequent decline in energy consumption in the U.S. generates a 24% decline in market valuation - accounting for nearly half of what is observed in the data.
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Computing in Economics and Finance, 2006Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations was nearly halved following the Oil Crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neoclassical growth model to quantify the impact of the increase in energy prices on the market value of U.S. corporations. In the model, corporations adopt energy-saving technologies as a response to the energy price shock and the price of installed capital falls due to investment irreversibility. The model calibrated to match the subsequent decline in energy consumption in the U.S. generates a 24% decline in market valuation; accounting for nearly half of what is observed in the data
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Econometric Society 2004 Latin American Meetings, 2004Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations, relative to the replacement cost of their tangible assets, declined by about 50% in 1973-74, and stagnated at that level for the following decade. This collapse in market valuations exactly coincides with the Oil Crisis of October 1973. Over the 1973-78 period, the OPEC embargo translated into 44% increase in energy prices. This paper uses a calibrated dynamic general equilibrium model to quantitatively assess the impact of the energy price increase on the market value of U.S. corporations. In the model, energy-saving technologies are adopted as a response to an unexpected energy price shock. Investment in old, energy-intensive, technologies stops and their market value collapses. Our quantitative experiments match the share of energy in total costs, and the trends in the energy-output ratio of the U.S. economy. We find that the observed changes in energy prices can account for most of the observed drop in Tobin's average q
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Oil Crisis energy saving technological change and the stock market collapse of 1974
Social Science Research Network, 2003Co-Authors: Adrian Peraltaalva, Sami AlpandaAbstract:The market value of U.S. corporations, relative to the replacement cost of their tangible assets, declined by about 50% in 1973-74, and stagnated at that level for the following decade. This collapse in market valuations exactly coincides with the Oil Crisis of October 1973. Over the 1973-78 period, the OPEC embargo translated into 44% increase in energy prices. This paper uses a calibrated dynamic general equilibrium model to quantitatively assess the impact of the energy price increase on the market valuation of U.S. corporations. The key features of the model are the technology-specific nature of capital, the irreversibility of investment decisions, and the induced innovation hypothesis. In the model, the arrival of a new energy-saving technology coincides with the increase in energy prices; rendering old capital obsolete, and its market value to collapse. In the data, the number of patents granted to enery-saving technologies increased in the mid 1970's, which gives empirical support to the induced innovation hypothesis. We find the observed changes in energy prices, together with the energy saving change implied in the observed energy output data, generate an 17% drop in Tobin's q; slightly more than a third of what is observed in the data.
Tongzhang Zheng - One of the best experts on this subject based on the ideXlab platform.
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A three year study of metal levels in skin biopsies of whales in the Gulf of Mexico after the Deepwater Horizon Oil Crisis.
Comparative biochemistry and physiology. Toxicology & pharmacology : CBP, 2017Co-Authors: John Pierce Wise, James T.f. Wise, Catherine F. Wise, Sandra S. Wise, Christy Gianios, Hong Xie, Ronald B. Walter, Mikki Boswell, Cairong Zhu, Tongzhang ZhengAbstract:Abstract In response to the explosion of the Deepwater Horizon and the massive release of Oil that followed, we conducted three annual research voyages to investigate how the Oil spill would impact the marine offshore environment. Most investigations into the ecological and toxicological impacts of the Deepwater Horizon Oil Crisis have mainly focused on the fate of the Oil and dispersants, but few have considered the release of metals into the environment. From studies of previous Oil spills, other marine Oil industries, and analyses of Oil compositions, it is evident that metals are frequently encountered. Several metals have been reported in the MC252 Oil from the Deepwater Horizon Oil spill, including the nonessential metals aluminum, arsenic, chromium, nickel, and lead; genotoxic metals, such as these are able to damage DNA and can bioaccumulate in organisms resulting in persistent exposure. In the Gulf of Mexico, whales are the apex species; hence we collected skin biopsies from sperm whales (Physeter macrocephalus), short-finned pilot whales (Globicephala macrorhynchus), and Bryde's whales (Balaenoptera edeni). The results from our three-year study of monitoring metal levels in whale skin show (1) genotoxic metals at concentrations higher than global averages previously reported and (2) patterns for MC252-relevant metal concentrations decreasing with time from the Oil spill.
John Pierce Wise - One of the best experts on this subject based on the ideXlab platform.
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A three year study of metal levels in skin biopsies of whales in the Gulf of Mexico after the Deepwater Horizon Oil Crisis.
Comparative biochemistry and physiology. Toxicology & pharmacology : CBP, 2017Co-Authors: John Pierce Wise, James T.f. Wise, Catherine F. Wise, Sandra S. Wise, Christy Gianios, Hong Xie, Ronald B. Walter, Mikki Boswell, Cairong Zhu, Tongzhang ZhengAbstract:Abstract In response to the explosion of the Deepwater Horizon and the massive release of Oil that followed, we conducted three annual research voyages to investigate how the Oil spill would impact the marine offshore environment. Most investigations into the ecological and toxicological impacts of the Deepwater Horizon Oil Crisis have mainly focused on the fate of the Oil and dispersants, but few have considered the release of metals into the environment. From studies of previous Oil spills, other marine Oil industries, and analyses of Oil compositions, it is evident that metals are frequently encountered. Several metals have been reported in the MC252 Oil from the Deepwater Horizon Oil spill, including the nonessential metals aluminum, arsenic, chromium, nickel, and lead; genotoxic metals, such as these are able to damage DNA and can bioaccumulate in organisms resulting in persistent exposure. In the Gulf of Mexico, whales are the apex species; hence we collected skin biopsies from sperm whales (Physeter macrocephalus), short-finned pilot whales (Globicephala macrorhynchus), and Bryde's whales (Balaenoptera edeni). The results from our three-year study of monitoring metal levels in whale skin show (1) genotoxic metals at concentrations higher than global averages previously reported and (2) patterns for MC252-relevant metal concentrations decreasing with time from the Oil spill.
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Concentrations of the Genotoxic Metals, Chromium and Nickel, in Whales, Tar Balls, Oil Slicks, and Released Oil from the Gulf of Mexico in the Immediate Aftermath of the Deepwater Horizon Oil Crisis: Is Genotoxic Metal Exposure Part of the Deepwater
Environmental science & technology, 2014Co-Authors: John Pierce Wise, James T.f. Wise, Catherine F. Wise, Sandra S. Wise, Christy Gianios, Hong Xie, W. Douglas Thompson, Christopher Perkins, Carolyne FalankAbstract:Concern regarding the Deepwater Horizon Oil Crisis has largely focused on Oil and dispersants while the threat of genotoxic metals in the Oil has gone largely overlooked. Genotoxic metals, such as chromium and nickel, damage DNA and bioaccumulate in organisms, resulting in persistent exposures. We found chromium and nickel concentrations ranged from 0.24 to 8.46 ppm in crude Oil from the riser, Oil from slicks on surface waters and tar balls from Gulf of Mexico beaches. We found nickel concentrations ranged from 1.7 to 94.6 ppm wet weight with a mean of 15.9 ± 3.5 ppm and chromium concentrations ranged from 2.0 to 73.6 ppm wet weight with a mean of 12.8 ± 2.6 ppm in tissue collected from Gulf of Mexico whales in the wake of the Crisis. Mean tissue concentrations were significantly higher than those found in whales collected around the world prior to the spill. Given the capacity of these metals to damage DNA, their presence in the Oil, and their elevated concentrations in whales, we suggest that metal exposure is an important understudied concern for the Deepwater Horizon Oil disaster.
