Abstract
A senior Japanese specialist on Russia's economy and its oil and natural gas sectors compares the influence of high oil prices on that economy as well as on Saudi Arabia's. The author provides a penetrating analysis of the relation between oil price increases and GDP growth, of the growth of GDP by final use, and of the accumulation of state budget surpluses in the world's two leading producers and exporters. Although brief references are made to the drastic decline in the price of oil prompted by the global economic crisis that emerged in the fall of 2008, the paper is specifically focused on the impact of price increases that peaked in July. Journal of Economic Literature, Classification Numbers: E660, H200, H600, O110, Q400. 9 figures, 6 tables, 35 references.
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