World field production of crude oil increased 2.9 million barrels a day in the 12 months ended last July. That compares with a 3.6 mb/d increase over the entire nine years from Jan 2005 to Dec 2013.
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Category Archives: energy
Links for 2015-10-18
Quick links to a few items I found interesting.
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Economic effects of shocks to oil supply and demand
How can we estimate the separate economic effects of shocks to oil supply and demand? I’ve just finished a research paper with Notre Dame Professor Christiane Baumeister that develops a new approach to this question.
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How do consumers respond to lower gasoline prices?
U.S. gasoline prices averaged $3.31 a gallon over December 2013 to February 2014 but only $2.31 a gallon over December 2014 to February 2015. How did consumers respond to this windfall in their spending power? A new study by the JP Morgan Chase Institute has come up with some interesting answers.
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Supply, demand and the price of oil
Could the price of oil be a value such that the current quantity produced exceeds the current quantity consumed? The answer is yes, and indeed that has been the case for much of the past year.
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Economic importance of China
How important would an economic downturn in China be for the United States?
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U.S. tight oil production decline
U.S. oil production has begun to drop in response to low oil prices, but not as dramatically as many had anticipated.
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Guest Contribution: “Gas Taxes and Oil Subsidies: Time for Reform”
Today we are fortunate to have a guest contribution written by Jeffrey Frankel, Harpel Professor of Capital Formation and Growth at Harvard University, and former Member of the Council of Economic Advisers, 1997-99. A shorter version was published at Project Syndicate.
OPEC and world oil supplies
There’s been a remarkable surge in world oil production over the last year. And the United States is only part of the story.
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Current economic conditions
The Bureau of Economic Analysis announced today that U.S. real GDP grew at a 2.3% annual rate in the second quarter. You can’t describe the new data as favorable, but I’m still hopeful about what comes next.
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