Understanding Crude Oil Prices

This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates this to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity specula...

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Veröffentlicht in:	The Energy journal (Cambridge, Mass.) Mass.), 2009-04, Vol.30 (2), p.179-206
1. Verfasser:	Hamilton, James D.
Format:	Artikel
Sprache:	eng
Schlagworte:	Applied sciences Changes Crude oil Crude oil prices Economic data Elasticity of demand Energy Energy economics Energy Perspectives Exact sciences and technology Forecasts and trends Fossil fuels and derived products Gasoline General, economic and professional studies Income elasticity of demand Industry sales and revenue Oil Oil prices Petroleum Petroleum industry Petroleum products Price elasticity Price elasticity of demand Prices and rates Scarcity Studies Supply Supply & demand Supply and demand
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Beschreibung
Zusammenfassung:	This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates this to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that although scarcity rent made a negligible contribution to the price of oil in 1997, it could now begin to play a role.
ISSN:	0195-6574 1944-9089
DOI:	10.5547/issn0195-6574-ej-vol30-no2-9