The Changing Face of World Oil Markets
NBER Working Paper No. 20355
This year the oil industry celebrated its 155th birthday, continuing a rich history of booms, busts and dramatic technological changes. Many old hands in the oil patch may view recent developments as a continuation of the same old story, wondering if the high prices of the last decade will prove to be another transient cycle with which technological advances will again eventually catch up. But there have been some dramatic changes over the last decade that could mark a major turning point in the history of the world's use of this key energy source. In this article I review five of the ways in which the world of energy may have changed forever.
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A data appendix is available at http://www.nber.org/data-appendix/w20355
Document Object Identifier (DOI): 10.3386/w20355