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- Encyclopaedia Of Economics Of Petroleum , Oil , Gas Product
Encyclopaedia Of Economics Of Petroleum , Oil , Gas Production & Engineering : Profit , Risk , Value & Worth ( 5 Volumes Set )
The major oil firms meet the tremendous demand for production. High oil prices and a seeming decline in the number of “major” oil discoveries has created a market for much smaller “independents,” who independently scour the planet for oil, but typically are not involved in refining and distributing the finished product. The effects of changes in the price of crude oil traded on the international petroleum exchanges can be far-reaching, not just for the British economy but for the global economy too. A basic study of the oil market is a useful application of the principles of supply and demand analysis and a way of understanding the interconnections between the microeconomics of the oil market and their macroeconomic consequences. Oil is one of the most heavily traded commodities in the world. Fluctuating prices have important effects for oil producers/exporters and the many countries that remain dependent on oil as a key input in their energy, manufacturing and service industries. When we consider the global supply of oil we need to make a distinction between short-term and longer-term supply to the international markets. The short run supply curve is normally drawn on the basis of a given state of production technology and fixed use of capital inputs (i.e. the oil industry is supplying from a known level of oil reserves and a given stock of capital machinery used to extract that oil). There is inevitably a short-run limit on daily oil supply and, as production gets close to capacity limits, so the short run supply of oil becomes more inelastic. One possible way of modelling this is to assume the market supply curve for oil is non-linear (shown in the left hand diagram below). An alternative is to suggest that more oil can be supplied elastically at a fairly constant price until the capacity limit is reached, when the short run supply curve becomes vertical. This encyclopaedia introduces and traces the economic factors that directly affect petroleum production from its initial geological perception to its eventual sale to the refiner or the crude oil trader.
AUTOR: Flores, Ethan
EDITORA: Auris Reference
DISPONIBILIDADE DO PRODUTO: Sob Encomenda - Até 40 dias ( Importação )