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An Economic Analysis of Petroleum and Military Security in the Persian Gulf

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  • Chapman, Duane
  • Khanna, Neha

Abstract

Geologic estimates ofremainingglobalpetroleum resourcesplace about 50% in the Persian Gulf. Production costs are estimated at $5 per barrel there, and $15 per barrel in the North Sea andAlaska. Using mathematical methods derivedfrom depletion theory, the present valueofeconomicrentfromoilisontheorder of$20trillion. Gametheoryisutilizedtoexplain the $15-$20 per barrel price band that eXistedfrom 1986 to 1999; new economicforces may displace this stable pattern. International trade in petroleum and conventional weapons are analyzedwitheconometricmethods; theoccurrence ofnuclearweaponscapabilityisexplored

Suggested Citation

  • Chapman, Duane & Khanna, Neha, 1999. "An Economic Analysis of Petroleum and Military Security in the Persian Gulf," Staff Papers 121157, Cornell University, Department of Applied Economics and Management.
    • Handle: RePEc:ags:cudasp:121157
    DOI: 10.22004/ag.econ.121157
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