An Economic Analysis Of Aspects Of Petroleum And Military Security In The Persian Gulf
AbstractGeologic estimates of remaining global petroleum resources place about 50% in the Persian Gulf. Production costs are estimated at $5 per barrel there and $15 per barrel in the North Sea and Alaska. According to mathematical results derived from depletion theory, the present value of economic rent from oil is on the order of $20 trillion. This article uses game theory to explain the $15-$20 per barrel price band that existed from 1986 to 1999. New economic forces have displaced this previously stable pattern; a new price range of $23-$30 is emerging. International trade in petroleum and conventional weapons are analyzed with econometric methods; the occurrence of nuclear weapons capability in the Persian Gulf region is explored. Copyright 2001 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 19 (2001)
Issue (Month): 4 (October)
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Other versions of this item:
- Chapman, Duane & Khanna, Neha, 2000. "An Economic Analysis Of Aspects Of Petroleum And Military Security In The Persian Gulf," Working Papers 7229, Cornell University, Department of Applied Economics and Management.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- M. A. Adelman, 1986. "The Competitive Floor to World Oil Prices," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 9-31.
- Chapman, Duane & Khanna, Neha, 1999.
"World Oil: The Growing Case For International Policy,"
7232, Cornell University, Department of Applied Economics and Management.
- D. Chapman & N. Khanna, 2000. "World oil: the growing case for international policy," Contemporary Economic Policy, Western Economic Association International, vol. 18(1), pages 1-13, 01.
- Slaibi, Ahmad & Chapman, Duane & Daouk, Hazem, 2005. "An Econometric Evaluation of A Geopolitical Theory of Oil Price Behavior," Working Papers 127131, Cornell University, Department of Applied Economics and Management.
- Kisswani, Khalid, 2010. "OPEC and political considerations when deciding on oil extraction," MPRA Paper 27030, University Library of Munich, Germany.
- Chapman, Duane, 2001. "A Review of the New Undiscovered Conventional Crude Oil Resource Estimates and their Economic and Environmental Implications," Working Papers 127669, Cornell University, Department of Applied Economics and Management.
- Bharati, Rakesh & Crain, Susan J. & Kaminski, Vincent, 2012. "Clustering in crude oil prices and the target pricing zone hypothesis," Energy Economics, Elsevier, vol. 34(4), pages 1115-1123.
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