Quantitative effects of the shale oil revolution
Galo Nuño Barrau () and
Cristiana Manescu ()
No 1518, Working Papers from Banco de España, Working Papers Homepage
The aim of this paper is to analyse the impact of the so-called «shale oil revolution» on oil prices and economic growth. We employ a general equilibrium model of the world oil market in which Saudi Arabia is the dominant firm, with the rest of the producers as a competitive fringe. Our results suggest that most of the expected increase in US oil supply due to the shale oil revolution has already been incorporated into prices and that it will produce an additional increase of 0.2 percent in the GDP of oil importers in the period 2010-2018. We also employ the model to analyse the collapse in oil prices in the second half of 2014 and conclude that it was mainly due to positive unanticipated supply shocks.
Keywords: Saudi Arabia; general equilibrium; shale oil (search for similar items in EconPapers)
JEL-codes: Q41 Q47 E17 (search for similar items in EconPapers)
Pages: 36 pages
New Economics Papers: this item is included in nep-dge, nep-ene and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11) Track citations by RSS feed
Downloads: (external link)
http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... /15/Fich/dt1518e.pdf First version, June 2015 (application/pdf)
Journal Article: Quantitative effects of the shale oil revolution (2015)
Working Paper: Quantitative effects of the shale oil revolution (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:1518
Access Statistics for this paper
More papers in Working Papers from Banco de España, Working Papers Homepage Contact information at EDIRC.
Bibliographic data for series maintained by María Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de España ().