The role of the terms of trade in the trade channel of transmission of oil price shocks

This paper highlights the role of the terms of trade in the trade channel of propagation of oil price shocks both empirically and theoretically. Empirically, I show that oil price shocks have a large, persistent and statistically significant impact on the US terms of trade. Theoretically, I add oil in the model by Corsetti and Pesenti (2005) and analyse under what conditions the terms of trade plays a relevant role in the international transmission of oil price shocks. With nominal price rigidities and full exchange rate pass-through positive oil price shocks depreciate the currency of the oil importing country. The subsequent negative wealth effect adds to the recessive effect of the supply channel and may trongly reduce the consumption in the oil importing country economy. Without exchange rate pass-through oil shocks transmit to the economy only through the supply channel. The model suggests that a change in the exchange rate pass-through might contribute to explain the evidence of a weaker impact of oil price shocks on the macroeconomic activity in recent times.

Growth in an oil abundant economy: The case of Venezuela

This paper has been presented at DEGIT-X held in México 2005.-- Revised: 2008-08.

Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks

The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their economic impact on the US economy at both the aggregate and the sectoral level. We find mixed support for the explanation of the great moderation in terms of shrinking oil shock volatilities and observe that increases (decreases) in oil shock volatilities are contrasted by a weakening (strengthening) in their transmission mechanism. Across sectors, services are the least affected by any oil shock. As the contribution of services to the GDP volatility increases over time, we conclude that a composition effect contributed to moderate the conditional volatility to oil shocks of the US GDP.

Cruise Report 69-S-3: Pelagic fish and trawling survey of Santa Barbara oil spill

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Study on the Performance of a Compact Compound Oil/Gas/Water Separator for Offshore Oil Industry

High-efficiency separation of the oil/gas/water mixtures is a significant issue in offshore oil industry. To reduce the total cost by means of reduction in weight and space compared with conventional separators, a novel compact compound oil/gas/water separator is developed. The research works on oil-gas-water separation by compound separating techniques is described in this paper. The innovative separator is a gravity settling tank with helical pipes within and T-shaped pipes outside. Both experiments and numerical simulations are presented to study the separating performance and efficiency of the helical pipes, which are the main part of the separator.

Effect of Pipe Diameter on Flow Pattern Transition in Vertical Oil Water Flows

This paper investiges the effect of pipe diameter on flow pattern transition boundary in oil water vertical flows, and proposes a model to determine the maximum inner diameter (D_{infty s}) of a pipe in which the slug flow would not occur When pipe inner diameter D>D_{infty s}, only bubble flow exists, while D

Multiphase Flow Measurement in the Offshore Oil Industry

In recent years, considerable research has been conducted into the development of a three-phase flowmeter suitable for use in an offshore environment, and oil/gas/water three-phase metering becomes an important aspect in multiphase flow measurement. This paper discusses the importance of three-phase flow measurement in offshore oil industry, describes the current development in this area, and points out the principal strategies which may be used to meter three-phase flow.

The Droplet Group Micro-Explosions, Viscosity and Atomization Characteristics of W/O Emulsions

The spray of emulsified fuel, composed of diesel fuel, water and methanol can make micro-explosion under high temperature conditions, and the viscosity and the atomization characteristics of emulsion have significant effects on the micro- explosion of emulsions. To clarify the combustion mechanism of water-in-oil emulsion sprays, combustion bomb experiments were carried out, and the droplet group micro- explosions in W/O fuel emulsion sprays in a high-pressure, high-temperature bomb were observed clearly by a multi-pulsed, off-axis, image-plane ruby laser holocamera and continuously by a high-speed CCD camera.The viscosity and atomization characteristics of emulsions were also studied experimentally. The experimental results show that the higher concentration of the aqueous phase (water-methanol) (<50%) increases the viscosity of the emulsions, especially for higher agent concentration, and higher aqueous phase concentration and higher viscosity results in lager Sauter Mean Diameter (SMD). The experiment results also show that the different kinds of emulsifying agents, with different Hydrophile-Lipophile Balance (HLB) values, have significant influence on the viscosity of the emulsions.

Two-phase Flow in Fuel Cells in Short-term Microgravity Condition

A visual observation of liquid-gas two-phase flow in anode channels of a direct methanol proton exchange membrane fuel cells in microgravity has been carried out in a drop tower. The anode flow bed consisted of 2 manifolds and 11 parallel straight channels. The length, width and depth of single channel with rectangular cross section was 48.0 mm, 2.5 mm and 2.0 mm, respectively. The experimental results indicated that the size of bubbles in microgravity condition is bigger than that in normal gravity. The longer the time, the bigger the bubbles. The velocity of bubbles rising is slower than that in normal gravity because buoyancy lift is very weak in microgravity. The flow pattern in anode channels could change from bubbly flow in normal gravity to slug flow in microgravity. The gas slugs blocked supply of reactants from channels to anode catalyst layer through gas diffusion layer. When the weakened mass transfer causes concentration polarization, the output performance of fuel cells declines.