Publications

The results of OIES research is published as working papers, energy comments, presentations and articles as well as commercially published books and monographs. The views expressed in all OIES publications are those of the authors and do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members.

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  • Rockets & Feathers: The Asymmetric Speed of Adjustment of UK Retail Gasoline Prices to Cost Changes

    By: R. Bacon

    The determination of retail gasoline prices in the UK has long been the subject of debate. There have been three inquiries by the Monopolies and Mergers Commission (MMC), leading to the publication of the reports MMC (1965), (1979) and (1990), in which the industry was examined for evidence of non-competitive pricing and collusive behaviour. In […]

  • Oil Demand: Dependence or Flexibility?

    By: J. M Dargay

    Iraq’s invasion of Kuwait, the boycott of Iraqi and Kuwaiti oil and the consequent surge of international oil prices mark the third major disruption on the oil market in the past two decades. The export reductions provoked by the Arab-Israeli war of 1973, the Iranian revolution of 1978-79 and the present Gulf crisis are very […]

  • Have Low Oil Prices Reversed the Decline in Energy Demand? A Case-Study for the UK

    By: J. M Dargay

    Total energy demand and the product composition of energy consumption have changed considerably following the two oil crises of the 1970s. Although total primary energy consumption in the OECD was higher in 1987 than it had been at any time previously, its rate of growth had fallen considerably. The average rate of growth of 5 […]

  • Dynamic Modelling & Testing of OPEC Behaviour

    By: C. Dahl , M. Yucel

    The market structure of the Organization of Petroleum Exporting Countries (OPEC) has been debated since 1973, when large price increases catapulted the organization into public attention. The debate continued as prices rose still higher in 1978 and 1979 but subsided when they fell closer to historical levels in 1986. Conventional wisdom suggests that OPEC is […]

  • Transitions are Dangerous: Oil and the World Economy, 1990

    By: Jeremy Turk

    For the last twenty years, oil has probably been the single most important economic commodity. Its only competitor, with the exception of money itself, has perhaps been the microchip. Oil has the greatest share of world trade, provides the mainstay of the worlds largest companies, is the dominant force in the determination of energy prices […]

  • The First Oil War: Implications of the Gulf Crisis in the Oil Market

    By: Leonie Archer

    The issues which provided Iraq with the pretext for its invasion of Kuwait were oil pricing policies and oiI revenues. Of course, Iraq had broader political and regionaL objectives, but its most immediate and pressing concern was to loosen the economic and financial noose that was threatening strangulation. Low oil prices, technicaI limitations on arrent […]

  • The Impact of Cheap Oil on Gas Markets

    By: J. Jensen , M. Kelly

    It is often assumed that oil can increase its share of energy markets fairly quickly if its price drops relative to competing fuels. Since oil is already the dominant fuel in the transportation sector, gains at the expense of other fuels must come from elsewhere. The slow pace of fuel conversion decisions in the residential […]

  • The World Refining System and the Oil Products Trade

    By: A. Seymour

    The principal feature of the “1990 oil price shock is that it is a crisis not only of crude oil supplies but also of oil products. The invasion of Kuwait and the subsequent embargo of Iraq and Kuwait have resulted in the loss of between 4.5 and 5.16 mb/d of crude oil supplies (see OIES, […]

  • OIES Review of Long-Term Energy Supplies

    By: Philip Barnes

    This paper reviews both the potential and likely availability of dl the major forms of commercial energy over the next twenty years. It is based on assessments of potential and feasible patterns of energy supply development on a country-by country basis. These assessments take into account, amongst other elements, the resources available and the extent […]

  • The Gulf Crisis: Implications for the Environment

    By: Leonie Archer

    The Gulf crisis has thrown into sharp relief matters of key concern to national, regional and global security. It has refocused political attention and jerked nations out of an earlier complacency regarding such varied but key issues as the Palestinian question, energy security and the development process. It occurs in a new global context of […]

  • The Role and Behaviour of Oil Inventories

    By: C. Caffarra

    The purposes of this paper ape to explain the economics of inventory behaviour, to describe and analyse the changes in oil inventories since the beginning of the Gulf crisis, and to discuss issues of public policies relating to stocks, In Section 2 we emphasize the different economic function petformed by inventones in times of crisis, […]

  • Taxation & the Optimization of Oil Exploration & Production: The UK Continental Shelf

    By: C. A Favero

    In a recent paper H. Pesaran (1990) has developed an econometric model for the analysis of the exploration and extraction policies of “price taking” suppliers of oil and has applied it to the UK Continental Shelf (UKCS) . The model takes explicit account of the process of oil discovery and of the intertemporal nature of […]

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