skip to content
The unconventional oil supply boom : aggregate price response from microdata Preview this item
ClosePreview this item
Checking...

The unconventional oil supply boom : aggregate price response from microdata

Author: Richard G Newell; Brian Prest; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23973.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We analyze the price responsiveness of onshore oil supply from conventional versus new unconventional "tight" formations in the United States. We separately analyze three key stages of oil production: drilling wells, completing wells, and production from completed wells. We find that the important margin is drilling investment. We estimate drilling responses of approximately 1.6 percent for tight oil and 1.2 percent  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Richard G Newell; Brian Prest; National Bureau of Economic Research,
OCLC Number: 1008971254
Notes: "October 2017"
Description: 1 online resource (31 pages) : illustrations, map.
Series Title: Working paper series (National Bureau of Economic Research), no. 23973.
Responsibility: Richard G. Newell, Brian C. Prest.

Abstract:

We analyze the price responsiveness of onshore oil supply from conventional versus new unconventional "tight" formations in the United States. We separately analyze three key stages of oil production: drilling wells, completing wells, and production from completed wells. We find that the important margin is drilling investment. We estimate drilling responses of approximately 1.6 percent for tight oil and 1.2 percent for conventional oil per 1 percent change in oil prices. In addition, tight oil wells produce about 4.6 times more oil compared to conventional ones. Together, the long-run price responsiveness of supply is about 6 times larger for tight oil on a per well basis, and about 9 times larger when also accounting for the rise in unconventional-directed drilling. Based on our estimates derived from microdata, we conduct aggregate simulations of incremental oil supply at different time frames and price levels. The simulations show that the U.S. supply response is much larger now due to the shale revolution. Given a price rise to $80 per barrel, U.S. oil production could rise by 0.5 million barrels per day in 6 months, 1.2 million in 1 year, 2 million in 2 years, and 3 million in 5 years. Nonetheless, it takes many months before a substantial portion of the full supply response is online, longer than the 30 to 90 days typically associated with the role of "swing producer" such as Saudi Arabia.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1008971254> # The unconventional oil supply boom : aggregate price response from microdata
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "1008971254" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/4573152861#Topic/shale_gas_prices_united_states_econometric_models> ; # Shale gas--Prices--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4573152861#Topic/gas_well_drilling_united_states_econometric_models> ; # Gas well drilling--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4573152861#Topic/petroleum_products_prices_econometric_models> ; # Petroleum products--Prices--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4573152861#Topic/petroleum_products_prices_united_states_econometric_models> ; # Petroleum products--Prices--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4573152861#Place/united_states> ; # United States.
    schema:author <http://experiment.worldcat.org/entity/work/data/4573152861#Person/prest_brian> ; # Brian Prest
    schema:author <http://experiment.worldcat.org/entity/work/data/4573152861#Person/newell_richard_g_1965> ; # Richard G. Newell
    schema:bookFormat schema:EBook ;
    schema:datePublished "2017" ;
    schema:description "We analyze the price responsiveness of onshore oil supply from conventional versus new unconventional "tight" formations in the United States. We separately analyze three key stages of oil production: drilling wells, completing wells, and production from completed wells. We find that the important margin is drilling investment. We estimate drilling responses of approximately 1.6 percent for tight oil and 1.2 percent for conventional oil per 1 percent change in oil prices. In addition, tight oil wells produce about 4.6 times more oil compared to conventional ones. Together, the long-run price responsiveness of supply is about 6 times larger for tight oil on a per well basis, and about 9 times larger when also accounting for the rise in unconventional-directed drilling. Based on our estimates derived from microdata, we conduct aggregate simulations of incremental oil supply at different time frames and price levels. The simulations show that the U.S. supply response is much larger now due to the shale revolution. Given a price rise to $80 per barrel, U.S. oil production could rise by 0.5 million barrels per day in 6 months, 1.2 million in 1 year, 2 million in 2 years, and 3 million in 5 years. Nonetheless, it takes many months before a substantial portion of the full supply response is online, longer than the 30 to 90 days typically associated with the role of "swing producer" such as Saudi Arabia."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/4573152861> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4573152861#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4573152861#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "The unconventional oil supply boom : aggregate price response from microdata"@en ;
    schema:productID "1008971254" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/4573152861#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w23973> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1008971254> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/4573152861#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Person/newell_richard_g_1965> # Richard G. Newell
    a schema:Person ;
    schema:birthDate "1965" ;
    schema:familyName "Newell" ;
    schema:givenName "Richard G." ;
    schema:name "Richard G. Newell" ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Person/prest_brian> # Brian Prest
    a schema:Person ;
    schema:familyName "Prest" ;
    schema:givenName "Brian" ;
    schema:name "Brian Prest" ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Place/united_states> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1008971254> ; # The unconventional oil supply boom : aggregate price response from microdata
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1008971254> ; # The unconventional oil supply boom : aggregate price response from microdata
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Topic/gas_well_drilling_united_states_econometric_models> # Gas well drilling--United States--Econometric models
    a schema:Intangible ;
    schema:name "Gas well drilling--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Topic/petroleum_products_prices_econometric_models> # Petroleum products--Prices--Econometric models
    a schema:Intangible ;
    schema:name "Petroleum products--Prices--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Topic/petroleum_products_prices_united_states_econometric_models> # Petroleum products--Prices--United States--Econometric models
    a schema:Intangible ;
    schema:name "Petroleum products--Prices--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4573152861#Topic/shale_gas_prices_united_states_econometric_models> # Shale gas--Prices--United States--Econometric models
    a schema:Intangible ;
    schema:name "Shale gas--Prices--United States--Econometric models"@en ;
    .

<http://www.worldcat.org/title/-/oclc/1008971254>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/1008971254> ; # The unconventional oil supply boom : aggregate price response from microdata
    schema:dateModified "2019-02-11" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.