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The Competitive Floor to World Oil Prices

Abstract:
Years ago, I suggested that there was no current or impending oil shortage. Growing consumption, static U.S. production, and other reasons offered then and now did not imply that prices would rise. That conclusion only made sense if the pressure on reserves was increasing, a situation that would be signaled by rising costs of maintaining and expanding output. There was and is no sign of this.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets

Keywords: World oil prices, Competition, Price forecasts, US, UK, OPEC

DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No4-1


Published in Volume 7, Number 4 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.