✍ Scribed by Bijan Mossavar-Ramani; Jesse C. Denton
No coin nor oath required. For personal study only.
If recent trends are continued, the price of crude oil will be a strong driving force in changing the practice of energy conversion. The first paper in this series discussed the inclusion of an opportunity cost to a state or nation in the price of crude oil. The second paper discussed the price elasticit~ of crude oil reserves and concluded that a market-induced increase in price, unrelated to rising traditional costs, leads to increased proved reserves in a range governed by natural and geological constraints. This paper discusses some implications of incorporating opportunity costs into the price of crude oil.
📜 SIMILAR VOLUMES
This study begins by asking whether fluctuations in the price of crude oil have affected employment in the United States. After reviewing previous assessments of the issue, the existence of an empirical relationship between unemployment and crude oil price volatility is established using Granger cau