scholarly journals Energy Prices and COVID-Immunity: The Case of Crude Oil and Natural Gas Prices in the US and Japan

Energies ◽  
2020 ◽  
Vol 13 (23) ◽  
pp. 6300
Author(s):  
Honorata Nyga-Łukaszewska ◽  
Kentaka Aruga
Keyword(s):  
Natural Gas ◽  
Crude Oil ◽  
Oil And Gas ◽  
Negative Impact ◽  
The United States ◽  
Energy Markets ◽  
Energy Prices ◽  
The Us ◽  
Oil And Natural Gas ◽  
The Impact

The COVID-19 pandemic storm has struck the world economies and energy markets with extreme strength. The goal of our study is to assess how the pandemic has influenced oil and gas prices, using energy market reactions in the United States and Japan. To investigate the impact of the COVID-19 cases on the crude oil and natural gas markets, we applied the Auto-Regressive Distributive Lag (ARDL) approach to the number of the US and Japanese COVID-19 cases and energy prices. Our study period is from 21 January 2020 to 2 June 2020, and uses the latest data available at the time of model calibration and captures the so-called “first pandemic wave”. In the US, the COVID-19 pandemic had a statistically negative impact on the crude oil price while it positively affected the gas price. In Japan, this negative impact was only apparent in the crude oil market with a two-day lag. Possible explanations of the results may include differences in pandemic development in the US and Japan, and the diverse roles both countries have in energy markets.

scholarly journals Learning Curve, Change in Industrial Environment, and Dynamics of Production Activities in Unconventional Energy Resources

2018 ◽  
Vol 10 (9) ◽  
pp. 3322 ◽  
Author(s):  
Jong-Hyun Kim ◽  
Yong-Gil Lee
Keyword(s):  
United States ◽  
Natural Gas ◽  
Production Cost ◽  
Oil And Gas ◽  
The United States ◽  
Shale Oil ◽  
Industrial Environment ◽  
The Us ◽  
Exploration And Production ◽  
Oil And Natural Gas

Since 2007, shale oil and gas production in the United States has become a significant portion of the global fossil fuel market. The main cause for the increase in production of shale oil and gas in the US is the adoption of new production technologies, namely, horizontal drilling and hydraulic fracturing. However, the production cost of shale oil and gas in the US is comparably higher than the production cost of conventional oil and gas. In 2014, the crude oil and natural gas price decreased significantly to approximately 40 dollars per barrel, and natural gas prices decreased to 3 dollars per million British thermal unit, and thus the productivity and financial conditions for the exploration and production of shale oil and natural gas for producers in the United States have worsened critically. Therefore, technological innovation has become one of the most interesting issues of the energy industry. The present study analyzes the trends in technological innovation having a relationship with production activities. This study calculates the learning rate of 30 companies from the petroleum exploration and production industry in the United States using an improved learning rate calculation formula that reflects the changes in the oil production ratio. Thus, more statistically confident calculation results and interpretations of strategic production activities with regard to changes in the industrial environment were achieved in this study.

ENERGY IN A MODEL OF FIRM ENTRY

2018 ◽  
Vol 24 (2) ◽  
pp. 231-254
Author(s):  
Soma Patra
Keyword(s):  
Negative Impact ◽  
The United States ◽  
Energy Price ◽  
Firm Entry ◽  
Energy Prices ◽  
Dsge Model ◽  
Price Shocks ◽  
Firm Level ◽  
Dynamic Stochastic ◽  
The Impact

Nine out of the last ten recessions in the United States have been preceded by an increase in the price of oil as noted by Hamilton [Palgrave Dictionary of Economics]. Given the small share of energy in gross domestic product this phenomenon is difficult to explain using standard models. In this paper, I show that firm entry can be an important transmission and amplifying channel for energy price shocks. The results from the baseline dynamic stochastic general equilibrium (DSGE) model predict a drop in output that is two times the impact in a model without entry. The model also predicts an increase in energy prices would lead to a decline in real wages, investment, consumption, and return on investment. Additionally, using US firm level data, I demonstrate that a rise in energy prices has a negative impact on firm entry as predicted by the DSGE model. This lends further support toward endogenizing firm entry when analyzing the effects of energy price shocks.

scholarly journals Crude oil, natural gas, and economic growth: impact and causality analysis in Caspian Sea region

2018 ◽  
Vol 54 (3) ◽  
pp. 169-184 ◽  
Author(s):  
S M Rashed Jahangir ◽  
Betul Yuce Dural
Keyword(s):  
Economic Growth ◽  
Natural Gas ◽  
Crude Oil ◽  
Caspian Sea ◽  
Oil Price ◽  
Crude Oil Price ◽  
Causality Test ◽  
Oil And Natural Gas ◽  
Gas Price ◽  
The Impact

Abstract The main objective of this study was to investigate the impact and causality of crude oil and natural gas on economic growth in the Caspian Sea region. Here, the study applies ordinary least square (OLS) method and Granger causality test using time series data from 1997 to 2015 to ascertain the impact and causality of crude oil and natural gas on economic growth. The results, according to the OLS method, evince that crude oil and natural gas have a significant impact on economic growth of the region. Alongside, considering causality test, gross domestic product (GDP) does Granger cause (unidirectional) crude oil price and export which denotes that GDP can help to forecast crude oil price and export; however, crude oil price and export cannot help to forecast GDP. Surprisingly, this direction is unlikely for GDP and natural gas. GDP and natural gas have unidirectional, but opposite causal relationship, i.e., natural gas price and export do Granger cause GDP which signify that natural gas price and export can help to forecast GDP; however, GDP cannot help to forecast crude oil price and export.

scholarly journals Statistical Analysis of the Performance of a Big and Open Economy: The Case of the U.S.

2018 ◽  
pp. 10-17
Author(s):  
O. V. Zhuravliov ◽  
О. М. Simachova
Keyword(s):  
United States ◽  
Open Economy ◽  
Developing Economies ◽  
Negative Impact ◽  
The United States ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
Macroeconomic Indicators ◽  
The Impact

The US economy is one of the richest and most diversified economies in the world and keeps its leadership in the global economy for the past 100 years. The United States is a global leader in computer technology, pharmaceuticals and the manufacture of medical, aerospace and military equipment. And although services make up about 80% of GDP, the US remains the second largest producer of industrial goods in the world and is a leader in research and development. President Donald Trump was elected in November 2016, promising a big gap with his predecessor’s regulatory, tax and trade policies. Therefore, the current socio-economic status of the USA and the possible ways of its development in the future are interesting for studying the impact on other economies, in particular, on the Ukrainian economy and the search for new and optimal ways of developing relations between the United States and Ukraine. Key macroeconomic indicators of the US economy in 2011–2018 are analyzed, demonstrating the influence of Donald Tramp’s new policy on changes in the indicators of the economy, the labor market, trade, etc., as well as possible ways of development in the coming years. The review of key macroeconomic indicators gives grounds for classifying the American economy as healthy one. Rates of GDP growth will remain in the range of 2 to 3%. These rates of growth in the world’s largest economy are callable to ensure a substantial increase in the global activity. But uncertainties in the politics may hinder global growth and have clearly negative impact on the investment growth in developed and developing economies.

GEOPHYSICAL ACTIVITY IN THE OIL INDUSTRY IN THE UNITED STATES IN 1947

Geophysics ◽  
1948 ◽  
Vol 13 (4) ◽  
pp. 529-534 ◽  
Author(s):  
E. A. Eckhardt
Keyword(s):  
United States ◽  
Natural Gas ◽  
Crude Oil ◽  
Oil Industry ◽  
The United States ◽  
Oil And Natural Gas ◽  
One Year

In 1947 the oil industry of the United States produced 2.011 billion barrels of crude oil and natural‐gas liquids. The same number of barrels of new oil must be discovered in one year if the industry is to maintain its reserves. This provides a measure of the exploration job to be done.

China and the Greater Middle East: Globalization No Longer Equals Westernization

2007 ◽  
Vol 6 (1-3) ◽  
pp. 389-416
Author(s):  
Kurt Radtke
Keyword(s):  
Middle East ◽  
Negative Impact ◽  
Raw Materials ◽  
The United States ◽  
Economic Activities ◽  
Large Area ◽  
The Us ◽  
Security Relations ◽  
Historical Memories ◽  
The Impact

AbstractThe reshaping of the domestic social, political, and economic structures all over East Asia takes place in the context of a restructuring of the international (security) order. Despite China's increasing acceptance of international institutions and regimes the divergence of vital security interests of the United States (US) and Japan vis-a-vis those of China has raised the specter of increased polarization. This article will seek to answer the question of whether China is about to consciously challenge the power of the US and its allies not only in Asia, but also in the Greater Middle East (GME), mainly through China's impact on the economics, political, and social structure of those countries rather than through rivalry in the field of military power. China's conceptualization of the current global order is also shaped by historical memories of an age in which China was merely an object of Great Power politics which also directly affected the wider region, including the heartland of Eurasia, Southeast Asia, and in particular Japan and the Korean peninsula with their direct impact on China's security equation. To some Chinese strategists the Indian Ocean and countries of the GME have acquired a vital importance not only with regard to the supply of raw materials (including those obtained from Africa). Continuing Western strategic dominance in this large area would also have an important negative impact on China's global strategic position. For the first time in its history, China has become critically dependent on the acquisition of foreign resources—raw materials, investment and technology, as well as earnings from exports. China's economic activities in near neighbors such as Japan, South Korea, Pakistan, ailand, and Iran are also strategically important due to the impact on domestic and international politics of these countries. The US tends to interpret such influence in terms of Chinese power projection. This article interprets the linkages between domestic events and international strategies on the network of global (security) relations in terms of neogeopolitics rather than mainstream US scholarship.

scholarly journals Hazardous Air Pollutants Associated with Upstream Oil and Natural Gas Development: A Critical Synthesis of Current Peer-Reviewed Literature

2019 ◽  
Vol 40 (1) ◽  
pp. 283-304 ◽  
Author(s):  
Diane A. Garcia-Gonzales ◽  
Seth B.C. Shonkoff ◽  
Jake Hays ◽  
Michael Jerrett
Keyword(s):  
Natural Gas ◽  
Environmental Protection Agency ◽  
Air Pollutants ◽  
The United States ◽  
Hazardous Air Pollutants ◽  
Adverse Health Outcomes ◽  
Energy Demands ◽  
Natural Gas Development ◽  
The Us ◽  
Oil And Natural Gas

Increased energy demands and innovations in upstream oil and natural gas (ONG) extraction technologies have enabled the United States to become one of the world's leading producers of petroleum and natural gas hydrocarbons. The US Environmental Protection Agency (EPA) lists 187 hazardous air pollutants (HAPs) that are known or suspected to cause cancer or other serious health effects. Several of these HAPs have been measured at elevated concentrations around ONG sites, but most have not been studied in the context of upstream development. In this review, we analyzed recent global peer-reviewed articles that investigated HAPs near ONG operations to ( a) identify HAPs associated with upstream ONG development, ( b) identify their specific sources in upstream processes, and ( c) examine the potential for adverse health outcomes from HAPs emitted during these phases of hydrocarbon development.

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