Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/298314 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
Discussion Papers No. 997
Verlag: 
Statistics Norway, Research Department, Oslo
Zusammenfassung: 
This paper examines the supply of U.S. LTO from both a theoretical and empirical point of view. The theory model combines endogenous rig activity and stylized reservoir pressure mechanics with the classic Hotelling model for exhaustible resource extraction. The empirical section presents a vector error correction model for U.S. LTO production. Both models allow for simultaneous modeling of U.S. LTO supply and rig activity. A one percent shock to the oil price is estimated to increase LTO supply and rig activity with 0.3 and 0.8 percent, respectively. A one percent increase in rig activity leads to a 1.7 percent increase in oil production, but also a 0.1 percent increase in costs.
Schlagwörter: 
Oil supply
rig activity
elasticity
tight oil
shale oil
vector error correction models
JEL: 
Q3
Q4
L71
C32
Dokumentart: 
Working Paper

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