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La rivoluzione dello shale oil e i mercati finanziari (The Shale Oil Revolution and Financial Markets)

Author

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  • Alessandro Roncaglia

    (Sapienza Università di Roma)

Abstract

Shale oil exhibits structural characteristics that set it apart from ‘traditional’ oil, such as the shorter time required to build new plants, the shorter duration of the investment, and a lower ratio of fixed to variable costs. These differences imply a lower degree of oligopolistic control of the market, which in the medium term could lead to further downward pressure on prices. However, the high degree of financialization of these markets makes it a necessary condition, for such a regime change to materialize, that financial market operators internalize new behavioural and procedural conventions, adapted to the changed technological scenario.

Suggested Citation

  • Alessandro Roncaglia, 2017. "La rivoluzione dello shale oil e i mercati finanziari (The Shale Oil Revolution and Financial Markets)," Moneta e Credito, Economia civile, vol. 70(278), pages 173-193.
    • Handle: RePEc:psl:moneta:2017:24
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/13939/13711
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    References listed on IDEAS

    as
    1. Alessandro Roncaglia, 2014. "Teoria dell'occupazione: due impostazioni a confronto," Moneta e Credito, Economia civile, vol. 67(267), pages 243-270.
    2. Alessandro Roncaglia, 2015. "Oil and its markets," PSL Quarterly Review, Economia civile, vol. 68(273), pages 151-175.
    3. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    4. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    5. Jeffrey A. Krautkraemer, 1998. "Nonrenewable Resource Scarcity," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2065-2107, December.
    6. Pedro Garcia Duarte, 2014. "The Early Years of the MIT PhD Program in Industrial Economics," History of Political Economy, Duke University Press, vol. 46(5), pages 81-108, Supplemen.
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    Cited by:

    1. Valery Salygin & Igbal Guliev & Natalia Chernysheva & Elizaveta Sokolova & Natalya Toropova & Larisa Egorova, 2019. "Global Shale Revolution: Successes, Challenges, and Prospects," Sustainability, MDPI, vol. 11(6), pages 1-18, March.

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    More about this item

    Keywords

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    JEL classification:

    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices

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