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Future World Oil Prices and Production Levels: An Economic Analysis

Author

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  • Robert A. Marshalla
  • Dale M. Nesbitt

Abstract

This paper is motivated by our beliefs that (1) economics does matter in world oil markets and (2) today's applied models either entirely neglect or (at best) only partially incorporate well-known economic fundamentals. We know of no applied model preceding ours that fully embodies the fundamental microeconomics of both depletable resources and industrial market structure (specifically dominant firm cartel theory) that characterize the world oil market.

Suggested Citation

  • Robert A. Marshalla & Dale M. Nesbitt, 1986. "Future World Oil Prices and Production Levels: An Economic Analysis," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-22.
    • Handle: RePEc:aen:journl:1986v07-01-a01
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    Cited by:

    1. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
    2. Wirl, Franz, 2009. "OPEC as a political and economical entity," European Journal of Political Economy, Elsevier, vol. 25(4), pages 399-408, December.
    3. Ferdinand E. Banks, 2004. "Beautiful and not So Beautiful Minds: An Introductory Essay on Economic Theory and the Supply of Oil," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 28(1), pages 27-62, March.
    4. Wirl, Franz, 2008. "Why do oil prices jump (or fall)?," Energy Policy, Elsevier, vol. 36(3), pages 1029-1043, March.
    5. Robin Sickles & Peter Hartley, 2001. "A Model of Optimal Dynamic Oil Extraction: Evidence From a Large Middle Eastern Field," Journal of Productivity Analysis, Springer, vol. 15(1), pages 59-71, January.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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