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Oil and Ideology in the United States Senate

Joseph P. Kalt

Year: 1982
Volume: Volume 3
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No2-8
View Abstract

Abstract:
The last decade has brought dramatic changes in U.S. energy policy. These changes provide fertile ground for research. Perhaps nowhere is this more true than in the petroleum sector, where develop-ments since the Arab oil embargo of 1973 have been accompanied by major alterations in the direction and scope of federal involvement. The ready availability of both relevant data and tried-and-tested methodologies facilitates scholarly investigation of the effects of post-embargo federal petroleum policy. To be sure, the opportunities for these investigations are not being passed up.



A Note on Petroleum Industry Exploration Efficiency

E. D. Attanasi

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-9
View Abstract

Abstract:
The concern over natural resource adequacy has led to the development of new theoretical models designed to predict behavior of firms exploring for and exploiting nonrenewable natural resources. However, advances in the theory of the mining firm have generally outpaced our ability to describe the exploration and discovery process empirically. An important topic is the industry's technical exploration efficiency-that is, how much exploration effort is needed to identify the fields with lowest unit production costs, so that extraction can proceed from the lowest to higher-cost resources.



Capital Tax Distortions in the Petroleum Industry

Robert Crum Fry, Jr.

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-13
No Abstract



Tax Issues in Petroleum Industry Reorganization

E. Allen Jacobs and Stephen T. Limberg

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-25
No Abstract



Change and Continuity

P. H. Frankel

Year: 1985
Volume: Volume 6
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No4-1
View Abstract

Abstract:
This award, which elevates me to the ranks of its previous distin-guished recipients, gives me great pleasure, especially since I am the first non-American to receive it. This in itself is an indication of the ever-widening scope of the Association. It comes to me at the end of a long life devoted to our industry. It is almost sixty years since I entered it as a junior business executive ... It is now forty years since I wrote my first book, appropriately titled Essentials of Petroleum, and almost thirty years since I left business to make my hobby my job when I formed Petroleum Economics Ltd., an international consulting firm.



Energy and Economy: Global Interdependences

William W. Hogan

Year: 1985
Volume: Volume 6
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No4-2
View Abstract

Abstract:
This meeting, the Seventh International Conference of the International Association of Energy Economists (IAEE), finds us again in the midst of transitions in energy markets. Continued adjustments in oil demand, natural gas bubbles in Europe and North America, closures of refineries, and concerns about acid rain are just a few of the issues that reflect the turbulence and continued change in energy concerns and policy. This list of challenges suggests opportunities for energy economists to contribute their special perspectives to the clarification of issues and options. At an international conference, we can reinforce communications across national boundaries as we consider our related problems.



Oil and Rival Energy Sources

P. C. Despraries

Year: 1985
Volume: Volume 6
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No4-3
View Abstract

Abstract:
Mr. President, Very Honorable Minister Jochimsen, Ladies and Gentlemen:Several weeks ago, when my friend Jane Carter so greatly honored me by inviting me to make this talk, she mentioned my "unique" experience with international oil and energy markets. This word unique seems to me to be a good semantic example of overstatement such as is fairly rarely found in English except when required by specific circumstances. We are all unique in this room. The president-elect of your association invited me to take off for the summits and to describe from up there the wonderful countryside of our Earth, irrigated by the economy and lit up by energy, the two sources of mankind's wealth and the subject of this conference. But when I began to spread my wings, I found that the countryside beneath me was extraordinarily familiar and that it was hard to find much of anything to describe that you had not already depicted yourselves hundreds of times.



A Time-Series Analysis of U.S. Petroleum Industry Inventory Behavior

Robert Krol and Shirley Svorny

Year: 1987
Volume: Volume 8
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No4-6
View Abstract

Abstract:
This paper examines inventory behavior in the U.S. petroleum industry. Inventories of crude oil and its three major products-gasoline, distillate and residual fuel oil-are studied. Earlier empirical studies of inventory behavior have been unable to provide evidence of the production smoothing role of inventories emphasized in the theoretical literature (see Blinder, 1984). We suggest that these results are due to a tradition of relying on a partial-adjustment model to explain inventory behavior. We feel that the partial-adjustment model ignores potentially significant relationships between lagged values of explanatory variables and inventories implied by dynamic analysis. This leads us to investigate the time-series properties of petroleum inventories using the vector autoregression(VAR) methodology developed by Sims (1980).



Principles of Petroleum - Then and Now

Paul J. Frankel

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-1
View Abstract

Abstract:
My decision to withdraw from the oil scene, of which I have been part for well over sixty years, provides the opportunity to review the basic points of the theory which I formulated in my first book - Essentials of Petroleum - published some forty years ago. While I am at it, I should endeavor to scrutinize the degree to which these findings have retained some validity - if any.



Failure in the Oil Patch: An Examination of the Production and Oil Field Services Industries

Harlan D. Platt and Marjorie A. Platt

Year: 1989
Volume: Volume 10
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No3-3
View Abstract

Abstract:
A substantial share of domestic energy supplies is produced by the oil and gas production industry. The oil field services industry provides valuable assistance to these exploration and production companies. The failure rates in both industries have increased recently. Failure rates in the two industries were modeled as a function of general economic conditions, industry financial conditions, and, in the case of the service industry, the failure rate in the production industry. The failure rate in the production industry was most sensitive to general economic conditions; while changes in the rate of drilling success led to the largest percentage change in the failure rate in the oil field services industry. The oil field service industry's failure rate was also significantly related to the failure rate in the production industry, thus indicating a spillover effect. Policymakers and lending institutions that finance and regulate these vital energy supply industries may benefit from the empirical results.




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