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Prominent Energy Economist Explains The Pricing of Oil
Started:September 1st, 2012 (12:47 AM) by Zondor Views / Replies:605 / 0
Last Reply:September 1st, 2012 (12:47 AM) Attachments:0

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Prominent Energy Economist Explains The Pricing of Oil

Old September 1st, 2012, 12:47 AM   #1 (permalink)
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Prominent Energy Economist Explains The Pricing of Oil

From Energy Bulletin

The Real Reason Behind Oil Price Rises - An Interview with James Hamilton | Energy Bulletin

To give readers a real understanding of where we are was fortunate enough to speak with the world’s leading energy economist, Professor James Hamilton. James is a professor in the Economics Department at the University of California, San Diego. He has been a visiting scholar at the Federal Reserve Board in Washington, DC as well as many of the Federal Reserve Banks; and has also been a consultant for the National Academy of Sciences, Commodity Futures Trading Commission and the European Central Bank and has testified before the United States Congress. You can find more of his work on his website Econbrowser

In the interview, James discusses:

• Why we shouldn’t get too excited with the shale revolution
• The “Real” cause of high oil prices
• The incredible opportunity presented by natural gas
• Why long term oil prices will creep upwards
• The geopolitical hotspots that could cause an oil price spike
• Why sanctions could cause Iran to lash out
• Why speculators and oil companies are not to blame for high oil prices.
• Changes we can expect to see under a Romney Administration
• Why Short term oil price forecasts are worthless
• Peak oil & Daniel Yergin

Quoting Could you let us know your thoughts on the shale revolution. How do you see it playing out and do you think we have been oversold on shale’s potential?

James Hamilton: This is a real success story, and a primary reason that U.S. production is now rising rather than falling. But there are several key points to keep in mind. First, it is not cheap to produce oil with these methods-- tight oil is never going to be the reason we get back to $50/barrel. Second, we’re likely to face much steeper production decline rates from individual wells than was the case for conventional oil production. The same also applies to deepwater production. So those who think these new technologies will put us back in the world we once knew are in my opinion missing the big picture.

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