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Mr. James Daniel

I. I ntroduction Oil price risk is the risk that oil prices may change rapidly, substantially, and unpredictably. Governments bear this risk in two main ways. Governments of oil-producing countries often rely heavily on revenue from oil production. Governments that administratively set oil- related product prices will suffer financially when the input price rises if they do not raise output prices. And, in both cases, governments will be very aware of the social, political, and economic cost of volatile oil prices. Governments have tried to deal with the