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Energy Economics and Some Energy Myths for the 21st Century
By Ferdinand E. Banks, Professor, , October, 29, 2009 - Introduction, and Something About Oil more...Article Viewed 1864 Times | 28 Comments
A Short Introduction to Oil Prices and Oil Inventories
By Ferdinand E. Banks, Professor, , September, 14, 2009 - Oil prices can be described as long-term, medium (or intermediate) term, or short term. The most recently quoted price is usually called a spot price, and this can be thought of as the price at which oil is being sold for delivery in the very near future. Using an elementary difference equation, I have suggested in my paper 'Economic theory and some aspects of the new world oil market' (2009) that if we look at a plot of oil prices over time, we should expect to see a trend -- going up, or down -- over weeks, months, or years, as well as fluctuations around trends that display price peaks and troughs. more...Article Viewed 1862 Times | 35 Comments
U.S. Energy Security and Natural Gas Vehicles: A Reality Check
Article Viewed 3406 Times | 118 Comments
The Final Problem: Speculation and the Price of Oil Again
By Ferdinand E. Banks, Professor, , June, 12, 2009 - ABSTRACT: The speculation versus fundamentals controversy is in some respect what Sherlock Holmes might have called ‘The Final Problem’. It is final because the peak-oil quandary has, to a considerable extent, been settled: a majority of observers now accept that a global peaking of the oil output is quite conceivable, and could – not will – happen in the near as opposed to the distant future. What we should be considering though is the geopolitical rather than the geological peak, as implied in a brilliant article in 321 Energy (2008). This is because the bottom line where conventional oil is concerned is its price, rather than the peaking of output. Should a new price escalation commence after the international macro-economy has been put in order, then a physical peak (or ‘plateau’) becomes a secondary issue. The background to this update of a previous article with almost the same name is a short piece in the New York Review by George Soros, based on his testimony before the US Senate Commerce Committee Oversight Hearing on June 3, 2008, at which time he stated that “there is a bubble superimposed on an upward trend in oil prices”, where this trend is caused by “demand growing faster than the supply of available reserves”. Readers should focus on this remark, and especially the word ‘available’, because as emphasized in my new energy economics textbook (2007), it tells almost the entire story of the latest oil price increase. more...Article Viewed 3076 Times | 63 Comments
Russian Gas and European Energy Security
Article Viewed 2945 Times | 10 Comments
Energy Security In Mexico: Problems and Implications
Article Viewed 3344 Times | 4 Comments
Oil Shales and Tar Sands
Article Viewed 4056 Times | 45 Comments
US Arctic Oil May be LOST to the UN
Article Viewed 4174 Times | 26 Comments
Get Ready For The Last Oil War
By andrew McKillop, director, xtran, August, 06, 2008 - Background: Iranian official science research institute ISIR, Tehran, in October 2002, and subsequent national energy data from ISIR,Iran NOC, and Tehran-based analysts through 2003-2008- Deputy Head of the ISIR, Mohammad Ali Akhavan in Oct 2002 stated that Iran’s fast growth of domestic oil demand, particularly motor fuels to run its car fleet growing at over 10%pa, would lead to zero net export capacity of crude by about 2010 – Iran’s refining capacity already.in late 2002 being unable to meet refined fuel products demand. more...
Article Viewed 5592 Times | 40 Comments
Introduction to a Long Lecture on Oil
By Ferdinand E. Banks, Professor, , July, 14, 2008 - The world oil market is a very different thing today from what it was just a decade ago. The strength of global demand for oil has surprised just about everybody – except me of course – while at the same time it has become clear that there is and has been insufficient investment in additional production capacity. The core issue here is that it has become increasingly difficult to locate additional large deposits of oil, and as a result the major oil producers consider it uneconomical to look as hard as their customers want them to look. Unlike many observers in the economics faculties of the larger universities, the executives of these firms have a comprehensive insight into the cost and risk that are associated with exploring and producing in marginal regions, and as a result they are paying more attention to the preferences of their shareholders. more...Article Viewed 3589 Times | 16 Comments
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