• Login
    View Item 
    •   Home
    • BMRI Business and Management Research Institute - to April 2016
    • Business and Information Systems Research Centre (BISC)
    • View Item
    •   Home
    • BMRI Business and Management Research Institute - to April 2016
    • Business and Information Systems Research Centre (BISC)
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

    All of UOBREPCommunitiesTitleAuthorsIssue DateSubmit DateSubjectsPublisherJournalDepartmentThis CollectionTitleAuthorsIssue DateSubmit DateSubjectsPublisherJournalDepartment

    My Account

    LoginRegister

    About

    AboutLearning ResourcesResearch Graduate SchoolResearch InstitutesUniversity Website

    Statistics

    Display statistics

    Explaining the price of oil 1971–2014 : the need to use reliable data on oil discovery and to account for ‘mid-point’ peak

    • CSV
    • RefMan
    • EndNote
    • BibTex
    • RefWorks
    Thumbnail
    Name:
    Publisher version
    View Source
    Access full-text PDFOpen Access
    View Source
    Check access options
    Check access options
    Authors
    Bentley, Roger
    Bentley, Yongmei
    Affiliation
    University of Bedfordshire
    University of Reading
    Issue Date
    2015-11
    Subjects
    oil price
    peak oil
    resource depletion
    energy
    
    Metadata
    Show full item record
    Abstract
    This paper explains, in broad terms, the price of oil from 1971 to 2014 and focuses on the large price increases after 1973 and 2004. The explanation for these increases includes the quantity of conventional oil (i.e. oil in fields) discovered, combined with the decline in production of this oil that occurs typically once ‘mid-point’ is passed. Many past explanations of oil price have overlooked these two constraints, and hence provided insufficient explanations of oil price. Reliable data on conventional oil discovery cannot come from public-domain proved (‘1P’) oil reserves, as such data are very misleading. Instead oil industry backdated proved-plus-probable (‘2P’) data must be used. It is recognised that accessing 2P data can be expensive, or difficult. The ‘mid-point’ peak of conventional oil production results from a region's field-size distribution, its fall-off in oil discovery, and the physics of field decline. In terms of the future price of oil, estimates of the global recoverable resource of conventional oil show that the oil price will remain high on average, unless dramatic changes occur in the volume of production and cost of non-conventional oils, or if the overall demand for oil were to decline. The paper concludes with policy recommendations.
    Citation
    Bentley, R., Bentley, Y. (2015) 'Explaining the price of oil 1971–2014 : the need to use reliable data on oil discovery and to account for ‘mid-point’ peak'. Energy policy 86, 880-890
    Publisher
    Elsevier
    Journal
    Energy Policy
    URI
    http://hdl.handle.net/10547/582784
    DOI
    10.1016/j.enpol.2015.04.028
    Additional Links
    http://www.sciencedirect.com/science/article/pii/S0301421515001780
    Type
    Article
    Language
    en
    ISSN
    0301-4215
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.enpol.2015.04.028
    Scopus Count
    Collections
    Business and Information Systems Research Centre (BISC)

    entitlement

     
    DSpace software (copyright © 2002 - 2023)  DuraSpace
    Quick Guide | Contact Us
    Open Repository is a service operated by 
    Atmire NV
     

    Export search results

    The export option will allow you to export the current search results of the entered query to a file. Different formats are available for download. To export the items, click on the button corresponding with the preferred download format.

    By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.

    To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export. The amount of items that can be exported at once is similarly restricted as the full export.

    After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.