Ancap or ANCAP can mean:
- Anarcho-capitalism
- ANCAP (Uruguay), Uruguay's state-owned petroleum company
- ANCAP (commodity standard), a proposed commodity standard for currency
- Australasian New Car Assessment Program (ANCAP), an automobile crash safety organization
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ANCAP (commodity standard)
ANCAP is an alternative currency system that uses ammonium nitrate, copper, aluminum and plywood as the units of exchange. The system was first proposed in 1982 by the economist Robert Hall. ANCAP is an example of a commodity standard.
Background of a commodity standard
In order to understand the uniqueness behind the ANCAP proposal, one must understand the history of the monetary system in the United States, which currently operates under a fiat currency standard. In such a standard, the value of currency is set by the federal government. Not long ago, America’s monetary system was built on a commodity standard, where the value of currency depended on a fixed exchange rate between money and a single good or a basket of goods. For a significant portion of American history, the value of the dollar was linked to gold. The price of an ounce of gold was set at a specific dollar amount, and the remaining goods in the economy were set relative to the value of gold.
Problems of a commodity standard
ANCAP (Uruguay)
ANCAP (Administración Nacional de Combustibles, Alcoholes y Portland) is a state-owned company in Uruguay. It is involved in the production of petroleum products, Portland cement and alcoholic beverages. It operates Uruguay's single oil refinery at La Teja with a capacity of 50,000-barrel (7,900 m3) per day. ANCAP has a long-term corporate credit rating 'BB-' with positive outlook by Standard & Poor's.
In December 2008, ANCAP launched Uruguay's first offshore licensing round, due for completion June 2009. It offered 11 blocks for oil and gas exploration covering areas ranging from 4,000 to 8,000 square kilometres (1,500 to 3,100 sq mi) each, with water depths ranging from 50 to 1,450 metres (160 to 4,760 ft).
In addition to Uruguay, ANCAP operates in Argentina where it owns Petrolera del Cono Sur, operating a petrol station network.
