Date of Award

1-1-2009

Document Type

Thesis

Degree Name

M.A.

Department

Economics

First Advisor

Katherine Freeman, Ph.D.

Second Advisor

Rudiger Von Armin

Third Advisor

Robert Urquhart

Fourth Advisor

Ronald Rizzuto

Keywords

1986 oil price crash, Convenience yield, Crude oil prices, Futures markets, OPEC, Seven sisters, Organization of the Petroleum Exporting Countries

Abstract

In this paper I analyze how various price regimes inherent to different oil industry structures affected crude oil prices in the 20th century. Overall, there are strong relationships between oil prices and the corresponding price regimes. Using an informal approach as well as concepts from economic theory, I also analyze the effects of supply and demand variables including spare capacity, stocks, futures prices, OPEC production, and GDP on crude oil prices from 2002 - 2007. The results of my analysis are fairly consistent with economic theory as they elucidate the consequences of severe underinvestment in the oil industry and price volatility. Additionally, I analyze current oil prices and assess the implications for the oil industry, OPEC, and alternative energy producers.

Publication Statement

Copyright is held by the author. User is responsible for all copyright compliance.

Provenance

Received from ProQuest

Rights holder

Brian Patrick Shepherd

File size

144 p.

File format

application/pdf

Language

en

Discipline

Economics, Commerce-Business, Economic theory, Economic history

Included in

Economics Commons

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