Edited By Elżbieta Czarny, Andżelika Kuźnar and Jerzy Menkes
This book gathers Polish and foreign scholars to consider diverse aspects of Transatlantic Trade and Investment Partnership (TTIP). It examines key general areas such as the improvement of the position of the negotiating parties in the world economy, in politics and in international organisations. The contributors analyze possible acceleration of non-discriminatory liberalisation negotiations, creation of new international standards or reducing regulatory differences, such as «Investor-state dispute settlement» (ISDS), public health, geographical indications. The contributions focus also on specific issues, such as the impact of TTIP on Polish and EU economy, on merchandise and services trade, energy supply, research and development, Information and Communication Technologies (ICT), or on the third parties.
Chapter 11. The potential impact of the Transatlantic Trade and Investment Partnership on crude oil and distillates’ trade between the US and the EU, with implications for Poland
There is a growing interest in the potential economic, political and social impact of the Transatlantic Trade and Investment Partnership. However, in-depth studies on these issues are still very few (e.g. Benes 2015; Rademaekers, Slingerland, Bressand, Felbermayr, Törnmarck 2015). The purpose of this chapter is to focus on the oil sector. We try to answer the question – what will be the dynamics of the oil sector in the US and how will it affect future trade pattern with the EU? We also discuss some other aspects related to the oil trade, i.e. refined products. We present a synthesis of parts of an unpublished report prepared by the Institute of Energy Studies in Warsaw in August 2015 for the Ministry of Foreign Affairs of Poland, on the potential impact of the TTIP on the energy sector in the EU and Poland.
1. Methodological remarks
Crude oil is not a homogeneous commodity. There are several brands of oil and their classification is usually based on two most important parameters. The first one is density, based on the American Petroleum Institute scale (API specific gravity): light (> 33 API), medium (28–33 API) and heavy (< 28 API). The second parameter is sulphur content (measured per mass): sweet (< 0.5%), medium (0.5–2.0%) and sour (>2,0%).
The higher the API gravity (the lighter is the oil) and the lower the sulphur content, the more valuable the crude. From a technical point of...
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