case study in competitive open markets the world oil market
TRANSCRIPT
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Case Study in Competitive Open Markets
The World Oil Market
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Crude Oil Prices $/
bar
rel
Nominal $ Inflation-adjusted 2011 US$ 2011
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Supply: Crude Oil Production
000s
bar
rels
/day
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$/barrel
(000s of barrels/day) 56,000
64,0000
30
20
Supply 1979
Demand 1979
Change in World Oil Price 1979 -1980
Supply 1980
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SUPPLY: Crude Oil Production, OPEC Countries
31,000
23,000
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SUPPLY: Crude Oil Production, Non OPEC Countries
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0.25.5
125.
2020) - (30
6464)(56
P%
Q%
Estimating Demand Elasticity for Oil1979-80
Year
19791980
Price$/barrel
$20 $30
QuantityBarrels/day (millions)
64 56
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Recent Drastic Movements in World Oil Prices
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Historical world oil prices and productionhttp://www.eia.gov/petroleum/reports.cfm?t=66
http://www.wtrg.com/prices.htm
Recent world oil prices:http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=8y
Cartoons:Reprinted by paid license permission from CagleCartoons www.caglecartoons.com Cartoonist: Tab, The Calgary Sun, 2/14/2005Cartoonist: John Cole, The Scranton Times-Tribune, 12/19/2014 Reprinted with license permission from CagleCartoons
References