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The Competitive Floor to World Oil Prices

Years ago, I suggested that there was no current or impending oil shortage. Growing consumption, static U.S. production, and other reasons offered then and now did not imply that prices would rise. That conclusion only made sense if the pressure on reserves was increasing, a situation that would be signaled by rising costs of maintaining and expanding output. There was and is no sign of this.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products

JEL Codes: Q31: Nonrenewable Resources and Conservation: Demand and Supply; Prices, Q35: Hydrocarbon Resources, Q41: Energy: Demand and Supply; Prices, Q42: Alternative Energy Sources, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q21: Renewable Resources and Conservation: Demand and Supply; Prices

Keywords: World oil prices, Competition, Price forecasts, US, UK, OPEC

DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No4-1

Published in Volume 7, Number 4 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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