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Understanding the Oil Industry: Economics as a Help or a Hindrance

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  • Paul Stevens

Abstract

This paper examines how economics has contributed to an understanding of the international oil industry. After considering why knowledge of the oil industry is a subject worthy of interest, the paper develops a stylized version of economic methodology. It then tries to apply this to the oil industry. However, the paper observes that in the past, because of secrecy and lack of data, there have been serious problems which inhibit the use of standard methodology. The result has been a tendency among some economists to apply untried theory to the industry with damaging results. The paper then considers how other economists have adopted a different approach and in doing so, have made significant contributions. The paper concludes by considering future avenues for the further application of economic analysis to the oil industry.

Suggested Citation

  • Paul Stevens, 1995. "Understanding the Oil Industry: Economics as a Help or a Hindrance," The Energy Journal, , vol. 16(3), pages 125-139, July.
    • Handle: RePEc:sae:enejou:v:16:y:1995:i:3:p:125-139
    DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No3-6
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    References listed on IDEAS

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    1. Benjamin Ward, 1972. "What’s Wrong with Economics II," Palgrave Macmillan Books, in: What’s Wrong with Economics?, chapter 16, pages 237-246, Palgrave Macmillan.
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    3. Benjamin Ward, 1972. "What’s Wrong with Economics?," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-01806-2, May.
    4. Robert Mabro, 1992. "OPEC and the Price of Oil," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    5. Benjamin Ward, 1972. "What’s Wrong with Economics I," Palgrave Macmillan Books, in: What’s Wrong with Economics?, chapter 6, pages 89-92, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

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