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Book Review - Oil Supply and Prices: What Went Right in 1980?

R. Glenn Hubbard

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-13
No Abstract



Book Review - Petroleum Tax Analysis: North Sea

Jim Moose

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-14
No Abstract







Falling Oil Prices: Where Is the Floor?

James M. Griffin and Clifton T. Jones

Year: 1986
Volume: Volume 7
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No4-2
View Abstract

Abstract:
The recent precipitous decline in world oil prices from $28 per barrel in November 1985 to $12 per barrel in March 1986 has perplexed most industry analysts and OPEC watchers. As oil prices continue to deteriorate, the central question now seems to be: "Is there a price floor below which oil prices will not fall; and if so, where is it?" Economic theory would suggest that at some price level, short-run marginal extraction costs of oil will eventually exceed marginal revenues from that production, leading to the widespread abandonment of the relatively higher-cost oil wells currently operated by competitive producers in non-OPEC areas. Presumably, once the price of oil falls to this floor, massive production cutbacks in high-cost, non-OPEC areas due to abandonment and reductions in new drilling activity would enable the lower-cost OPEC producers to significantly expand their market shares, thereby eliminating any incentives for further price reductions.



Regional Impacts of Petroleum Price Regulation: The Case of Texas, 1973-1983

Clifton T. Jones and Dale S. Bremmer

Year: 1990
Volume: Volume 11
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No2-8
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Abstract:
A dynamic engineering-based econometric model of the Terns petroleum industry is used to jointly assess the impacts of federal price controls and the windfall profit tax, on both oil and gas supply, over the period 1973-1983. Comparing simulation results obtained using actual prices, and then counterfactual, uncontrolled prices, show small but persistent losses in above-ground production but considerably larger percentage impacts in drilling activity and new reserve additions. Thus, the long-run opportunity costs of post-embargo energy policy may not be fully reflected in traditional calculations that use constant supply elasticities to calculate annual supply impacts without regard to previous years' prices or production levels.



OPEC Behaviour Under Falling Prices: Implications For Cartel Stability

Clifton T. Jones

Year: 1990
Volume: Volume 11
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No3-6
View Abstract

Abstract:
The surprising extended decline in real oil prices during the 1980s has raised the question of OPEC's continued viability as a price-setting cartel. In response, Griffin's (1985) tests of alternative hypotheses about OPEC behaviour performed over a period of generally rising prices (1971:1-1983:III) are repeated for the more recent period of falling prices (1983:IV-198R�1V), yielding the same general conclusions: most OPEC members continue to behave in a 'partial market sharing" way, while most non-OPEC oil producers do not. Thus the evidence suggests that recent oil price reductions are more the result of deliberate output adjustments by the cartel than the unintentional outcome of a breakdown in cartel discipline on the way to eventual collapse.





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