Oil price shocks and policy implications the emergence of U.S. tight oil production: a case study

How have shocks to supply and demand affected global oil prices; and what are key policy implications following the resurgence of oil production in the United States? Highlights: − The recent collapse in global oil prices was dominated by oversupply. − The future of tight oil in the United States is vulnerable to obstacles beyond oil prices. − Opinions on tight oil from the Top 25 think tank organizations are considered. Global oil prices have fallen more than fifty percent since mid-2014. While price corrections in the global oil markets resulted from multiple factors over the past twelve months, surging tight oil production from the United States was a key driver. Tight oil is considered an unconventional or transitional oil source due to its location in oil-bearing shale instead of conventional oil reservoirs. These qualities make tight oil production fundamentally different from regular crude, posing unique challenges. This case study examines these challenges and explores how shocks to supply and demand affect global oil prices while identifying important policy considerations. Analysis of existing evidence is supported by expert opinions from more than one hundred scholars from top-tier think tank organizations. Finally, implications for United States tight oil production as well as global ramifications of a new low price environment are explored.

A indústria petrolífera nacional e potiguar: uma análise a partir da tecnologia em E&P

O trabalho analisa a Indústria Petrolífera em três ambientes de atuação, mundial, nacional e estadual, a partir da observação de sete variáveis, a saber: caráter do petróleo; risco; economia de escala; integração; barreiras; tecnologia e ambiente. O estudo busca perceber as interações e os transbordamentos das variáveis selecionadas em cada um dos ambientes citados, em razão os aspectos econômicos e institucionais presentes nesta atividade, cujos resultados atingem diversos setores da economia e da sociedade como um todo e balizam o próprio processo de inovação da mesma. O estudo está alicerçado no arcabouço teórico neoschumpeteriano acerca dos aspectos voltados para concorrência e inovação, além da questão institucional, e se apóia em dados da Agência Nacional do Petróleo (A.N.P.), Ministério de Minas e Energia (MME), Movimento de Combate à Corrupção Eleitoral / Tribunal Superior Eleitoral (MCCE/TSE), Organization of the Petroleum Exporting Countries (OPEC), International Energy Agency (IAE), Institut Français Pétrole (IFP), United Nations Development Programme (UNDP). Avalia-se que em termos de caracterização da indústria petrolífera nos três ambientes considerados (mundial, nacional e local), há certa similitude no que se refere ao comportamento destas variáveis, com pequenas modificações suscitadas por fatores como grau de desenvolvimento e complexidade da atividade; resultado do ambiente concorrencial e inovativo; e, pelas influências institucionais acerca de atividades e grau de inserção das mesmas no ambiente socioeconômico onde estão localizadas a atividade produtiva e o seu entorno

El papel de la OPEP en el comportamiento del mercado petrolero internacional

Incluye Bibliografía

Consecuencias del "shock" petrolero en el mercado internacional a fines de los noventa

Incluye Bibliografía

The Impact of Foreign Direct Investment on Economic Growth

Over the past four decades, the number of democracies in the world has increased exponentially. This project considers how democracy and FDI affect economic growth as well as whether the impact of FDI depends on the level of democracy in a country. Thus, I explore two major research questions: 1) Whether increased FDI speeds up economic growth, controlling for political regime type, urbanization and other developmental indicators; and 2) Whether an increase in political freedom helps or hinders economic growth, and specifically whether the impact of FDI varies depending on the political regime in the recipient country. To examine these questions, this paper used data from 150 countries over a period between 1980 and 2010 and utilized several models, testing variables such as institutions, agglomerations, urbanization, FDI and type of political regime, among others, for their impact on economic growth. I found that FDI does have a positive impact on economic growth, and that this impact is often magnified when it interacts with other relevant factors. I also found that, after controlling for other variables, FDI inflows do not have a different impact on economic growth in autocracies than they do in democracies. This may be partially explained by autocratic outliers such as China and the OPEC states, which have recently experienced rapid export-led growth. This suggests that factors such as education could have a greater impact on a country¿s economic growth than does its political system.

Multinational corporations and United States foreign policy : hearings before the Subcommittee on Multinational Corporations of the Committee on Foreign Relations, United States Senate, Ninety-third - [Ninety-fourth] Congress.

Hearings held March 1973-Sept. 1976.

Causality in crude oil prices

Economic media inform on prices of three well established crude oil benchmarks: Brent, WTI and Dubai Fateh. The relevance of these is however declining with their low output - motivating investigation of the pricing dynamics. We apply Granger causality tests to study the price dependencies of 32 crude oils. The aim is to establish what crudes are setting the prices and what crudes are just following the general market trends. The investigation is performed globally as well as for different quality, geographical and organisational segments. The results indicate that crude oil price analysts should follow at least four different crudes that are good price indicators. WTI and Brent still lead the market, but they are not the only crude prices worth paying attention to. In particular, Russian Urals drives global prices in a significant way, and Iran Seri Kerir is a significant price setter within OPEC. Dubai Fateh does not display any significant influence as a price setter, which confirms the lack of dominant benchmark within the segment of medium quality crudes.

E=MC3 Energy Equals Management's Continued Cost Concerns

E=MC³ Energy Equals Management's Continued Cost Concern, is an essay written by Fritz G. Hagenmeyer, Associate Professor, School of Hospitality Management at Florida International University. In the writing, Hagenmeyer initially tenders: “Energy problems in the hospitality industry can be contained or reduced, yielding elevated profits as a result of applied, quality management principles. The concepts, processes and procedures presented in this article are intended to aid present and future managers to become more effective with a sharpened focus on profitability.” This article is an overview of energy efficiency and the management of such. In an expanding energy consumption market with its escalating costs, energy management has become an ever increasing concern and component of responsible hospitality management, Hagenmeyer will have you know. “In endeavoring to "manage" on a day-to-day basis a functioning hospitality building's energy system, the person in charge must take on the role of Justice with her scales, attempting to balance the often varying comfort needs of guests and occupants with the invariable rising costs of energy utilized to generate and maintain such comfort conditions, since comfort is seen as an integral part of the "service," "product," or "price/value” perception of patrons,” says Hagenmeyer. In contrast to what was thought in the mid point of this century - that energy would be abundant and cheap - the reality has set-in that this is not the case; not by a long shot. The author wants you to be aware that energy costs in buildings are a force to be reckoned with; a major expense to be sure. “Since 1973, "energy-conscious design" has begun to become part of the repertoire of architects, design engineers, and construction companies,” Hagenmeyer states. “For instance, whereas office buildings of the early 1970s might have used 400,000 British Thermal Units (BTUs) per square foot year, new buildings are going up that use 55,000 to 65,000 BTUs per square foot year,” Hagenmeyer, like an incandescent bulb, illuminates you. Hagenmeyer references Robert E. Aulbach’s article - Energy Management – when informing you that the hospitality manager should not become complacent in addressing the energy cost issue, but should and must maintain a diligent focus on the problem. Hagenmeyer also makes reference to the Middle East War and to OPEC, and their influence on energy prices. In closing, Hagenmeyer suggests an - Energy Management Action Plan – which he outlines for you.

Die Interdependenz zwischen Europa und seinen Energielieferländern im historischen Kontext

von Alexander Smith

Impacts of oil exploration and exploitation activities on marine environment

Iran possess huge oil reservoir and occupies second place in OPEC. Recent investigation has revealed that reservoir capacity in the country amount to 60 billion barrel of oil. Many measures has been carried out to increase production capacity of oil fields to 4.2 million barrel per day. Thus any distribution in oil exploration may leave adverse effects on social and economic activities. Unfortunately due to absence of a comprehensive CPM on environmental impact assessment, lots of environmental distribution has been occurred in land and off-shore. It is well known that implementation of EIA can reduce environmental hazards. In the present investigation, all major and minor activities associated with oil exploration is identified and subsequently their effects on physical, chemical and biological environment (aquatic) has been brought out. In this context, economical, social and cultural effects of marine oil exploration is also discussed. Subsequently, all methods of EIA were studied and best mitigation plans were drawn up both for exploitation and exploration phases.

La seguridad energética de Estados Unidos a inicios del siglo XXI: ¿securitización o politización del acceso a recursos energéticos?

Tradicionalmente, la consolidación de la seguridad energética en Estados Unidos se ha mostrado como un asunto de seguridad nacional. En especial, la escasez de recursos energéticos ha sido vista como un problema existencial que requiere de medidas de emergencia en el marco de un proceso de securitización. Sin embargo, esta investigación surgiere que el tema ha sido mayoritariamente politizado a inicios del siglo XXI. Quizá este proceso de securitización tan solo fue implícitamente planteado con ocasión de la invasión a Irak en 2003, en la medida en que dicha intervención pudo haberse inspirado por la necesidad de derrocar a un régimen que había impedido el acceso estadounidense a recursos petroleros iraquíes. En este orden de ideas, la investigación analiza las políticas de seguridad energética de los gobiernos de George W. Bush y Barack H. Obama con el propósito de entender el grado en el que estas estuvieron vinculadas a sus respectivas agendas de seguridad nacional.