Titlebook: OPEC and the Price of Petroleum; Theoretical Consider Michael Rauscher Book 1989 Springer-Verlag Berlin · Heidelberg 1989 Angewandte Ökonom

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https://doi.org/10.1007/978-3-642-83926-9Angewandte Ökonometrie; Dynamische Systeme; Energiewirtschaft; Optimale Kontrolltheorie; development; dyn

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OPEC and the Price of Petroleum978-3-642-83926-9Series ISSN 1431-6366

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Introduction,1973/74 and 1979/80 were followed by a dramatic drop of the oil price during the first two quarters of 1986. Starting from a level less than 2 $ per barrel in 1972, the spot market price of Arabian Light crude oil increased to some 35 $ in 1980, then slowly decreased, and finally fell to 13 $ in 198

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An econometric model of the world petroleum market,timal solution is characterised by a long-run equilibrium with a price consisting of four components, related to per-period extraction costs, user costs of the resource, monopoly rent and rigidity rent. This equilibrium itself is shifting over time due to exhaustion of reserves and exogenous demand

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