Working Paper: NBER ID: w20355
Authors: James D. Hamilton
Abstract: This year the oil industry celebrated its 155th birthday, continuing a rich history of booms, busts and dramatic technological changes. Many old hands in the oil patch may view recent developments as a continuation of the same old story, wondering if the high prices of the last decade will prove to be another transient cycle with which technological advances will again eventually catch up. But there have been some dramatic changes over the last decade that could mark a major turning point in the history of the world's use of this key energy source. In this article I review five of the ways in which the world of energy may have changed forever.
Keywords: No keywords provided
JEL Codes: Q41
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Economic growth in emerging markets (O53) | Increasing oil consumption (Q31) |
| Stagnating oil production (L71) | Higher oil prices (Q31) |
| Higher oil prices (Q31) | Changes in consumption patterns (D12) |
| Geopolitical disturbances (F52) | Stagnation in oil production (Q31) |
| Geological limitations (L72) | Stagnation in oil production (Q31) |