Fracking and Structural Shifts in Oil Supply

W.D. Walls and Xiaoli Zheng
Authors registered in the RePEc Author Service: W. D. Walls

The Energy Journal, 2022, vol. Volume 43, issue Number 3

Abstract: The adoption of hydraulic fracturing (fracking) and horizontal drilling technology substantively altered the structure of oil supply. Using disaggregate state-level data from the U.S, this paper provides empirical evidence that oil supplies are now asymmetric with respect to price changes as a result of the adoption of new production methods. The changed structure of U.S. oil supplyparticularly the low supply elasticities for price declines and large supply elasticities for price increasesis consistent with the ineffectiveness of OPEC policies intended to drown fracking American producers in oil.

JEL-codes: L13 L71 Q35 Q41 (search for similar items in EconPapers)
Date: 2022
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Journal Article: Fracking and Structural Shifts in Oil Supply (2022)
Working Paper: Fracking and Structural Shifts in Oil Supply (2020)
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