Quantitative Effects of the Shale Oil Revolution
Cristiana Belu Mănescu,Galo Nuño +1 more
TLDR
In this article, the impact of the so-called "shale oil revolution" on oil prices and economic growth is analyzed, and it is shown that most of the expected increase in US oil supply due to the shale oil revolution has already been incorporated into prices and that it will produce an additional increase of 0.2 percent in the GDP of importers in the period 2010-2018.Abstract:
The aim of this paper is to analyse the impact of the so-called "shale oil revolution" on oil prices and economic growth. We employ a general equilibrium model of the world oil market in which Saudi Arabia is the dominant firm, with the rest of the producers as a competitive fringe. Our results suggest that most of the expected increase in US oil supply due to the shale oil revolution has already been incorporated into prices and that it will produce an additional increase of 0.2 percent in the GDP of oil importers in the period 2010-2018. We also employ the model to analyse the collapse in oil prices in the second half of 2014 and conclude that it was mainly due to positive unanticipated supply shocks.read more
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The great plunge in oil prices : causes, consequences, and policy responses
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The Impact of the Shale Oil Revolution on U.S. Oil and Gasoline Prices
Lutz Kilian,Lutz Kilian +1 more
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Understanding the Decline in the Price of Oil since June 2014
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Advancing CO2 enhanced oil recovery and storage in unconventional oil play—Experimental studies on Bakken shales
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TL;DR: A series of experiments were conducted to investigate the rock properties of the Bakken shales and how to extract oil from the shales using supercritical CO 2. High-pressure mercury injection tests showed that pore throat radii are less than 10nm for most pores in both the upper and lower Bakken samples as discussed by the authors.
References
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The role of inventories and speculative trading in the global market for crude oil
TL;DR: The authors developed a structural model of the global market for crude oil that for the first time explicitly allows for shocks to the speculative demand for oil as well as shocks to flow demand and flow supply.
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The macroeconomic effects of oil price shocks : why are the 2000s so different from the 1920s?
TL;DR: In this paper, the authors characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes.
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Oil Prices and the Terms of Trade
TL;DR: The combination of substantial terms of trade variability and unstable correlation patterns of trade prices with output and trade volumes has led some to suggest a break in the link between trade volumes and prices.
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Oil shocks and external adjustment
TL;DR: In this article, the authors examined the effects of endogenously determined oil price fluctuations in a two-country DSGE model and found that an oil market-specific shock that boosts the oil price results in a wealth transfer toward oil exporters, depresses the oil importer's consumption, and causes the real exchange rate to depreciate.
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