The Changing Face of World Oil Markets

My conclusion is that hundred-dollar oil is here to stay.

Prof. James Hamilton, UC San Diego, has updated his global analysis of the oil markets. This is the most up-to-date authoritative resource that I know of — which I do not see how I could summarize better than Jim’s last sentence.

There are heaps of tables and sixteen figures. Figure 3 tells the main story about high oil prices. Figure 16 shows elegantly the ongoing revolution in US tight oil and gas.

Figure 16. U.S. field production of crude oil, by source, 1860-2013, in millions of barrels per day. Data sources: Hamilton (2013) and EIA: Annual Energy Review Table 5.2; Crude Oil Production (; Annual Energy Outlook 2014.

What do you think? (first time comments are moderated)

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s