Can expanded exploration lower oil prices?

Elliott A. Green

Energy, 1976, vol. 1, issue 1, 25-32

Abstract: We suggest that the oil-exporting nations can be divided into two main groups: “profit maximizers” who require their oil revenues for domestic development and “optional producers” who can forego export revenues for considerable periods. A substantial part of the cartel's market power derives from the ability of the optional producers to withstand loss of income. The consuming nations have no equivalent ability to withstand supply cuts.

Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:1:y:1976:i:1:p:25-32

DOI: 10.1016/0360-5442(76)90054-2

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