Madison Committee
on Foreign Relations

The 2014-15 Plunge in Oil Prices: Causes and Implications

  • Thursday, September 22, 2016
  • 5:30 PM - 7:00 PM
  • The Madison Club, 5 E Wilson St, Madison, WI

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Speaker:  John Baffes, Senior Economist, World Bank Development Prospects Group

The recent drop in oil prices has been dramatic with major ramifications. Oil prices are now about 50% lower than their early 2011 peaks.  Dr. Baffes will discuss the reasons for the plunge in oil prices, including the role of the shale oil industry and OPEC. He will discuss the consequences of low oil prices for global GDP and commodities such as agriculture. Finally, he’ll present the World Bank’s view on longer term energy price prospects and inherent risks.

John Baffes is a Senior Economist with the World Bank's Development Prospects Group and since 2014 he has been the editor of Commodity Markets Outlook, a World Bank quarterly publication. Since joining the World Bank in 1993, he has worked in several Units, including Latin America, South Asia, East Africa, Evaluation, and Research. John holds a B.S. degree in Economics from the University of Athens, Greece (1983), an M.S. degree in Agricultural Economics from the University of Georgia (1986), and a Ph.D. in Agricultural and Resource Economics from the University of Maryland (1992). He has published nearly 70 book chapters and articles in various academic journals in the areas of economic development and resource economics, including the Journal of Development Economics, Oxford Economic Papers, and the American Journal of Agricultural Economics. John is also teaching an executive MBA course on Applied Econometrics for Commodity Markets.



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