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Markets for Liquid Fuels

In: Energy Economics

Author

Listed:
  • Peter Zweifel
  • Aaron Praktiknjo

    (RWTH Aachen University)

  • Georg Erdmann

    (Berlin University of Technology)

Abstract

This chapter focuses on markets for crude oil and oil products including gasoline, kerosene, diesel, heating oil, as well as biogenic fuels such as biodiesel, bioethanol, and synthetic fuels. Since the mid-twentieth century, crude oil has been the world’s most important energy source. However, the future prospects of crude oil are more unclear than ever. A lot of issues have to be analyzed: What is the development of oil extraction? What technical and economic consequences are to be expected if conventional crude oil extraction falls short of the demand for liquid fuels? What about the so-called peak oil hypothesis from an economic perspective? At what oil prices would alternative fuels, such as unconventional oils, biogenic fuels, and liquefied coal become competitive? How can the structure of the oil industry be explained in economic terms? What is the role of governments in exporting and importing countries? What are the influences on the price of oil in the short, medium, and long term? What is the relationship between spot and future prices? To what extent are oil prices influenced by speculation?

Suggested Citation

  • Peter Zweifel & Aaron Praktiknjo & Georg Erdmann, 2017. "Markets for Liquid Fuels," Springer Texts in Business and Economics, in: Energy Economics, chapter 8, pages 159-196, Springer.
    • Handle: RePEc:spr:sptchp:978-3-662-53022-1_8
    DOI: 10.1007/978-3-662-53022-1_8
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