Browsing Working Papers by Author "Adelman, Morris Albert"

Now showing items 1-13 of 13

    • The cartel in retreat 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1993)
      In 1981, the price of oil was $34 in current dollars ($50 at 1992 price levels). The consensus was that it would keep rising toward the cost of synthetic crude oil or some such long-run ceiling. In fact, the cartel had ...

    • Costs of aggregate hydrocarbon reserve additions 

      Adelman, Morris Albert; Watkins, G. C. (MIT Center for Energy and Environmental Policy Research, 2002)
      In what follows, we highlight problems created by aggregation using fixed conversion coefficients (Section 1). We then offer an economic index approach as an alternative, one that recognizes changing relative values of oil ...

    • Crude oil supply curves 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1998)
      Short-run cost curves shift over time as depletion counters increasing knowledge. Under competition, a rightward (leftward) shift indicates lower (higher) cost and greater (lesser) productivity. A simple coefficient captures ...

    • The first oil price explosion 1971-1974 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1990)
      The 1970 price of Saudi Light crude was $1.21, of which 89 cents was excise tax. By end-1974, the price was about $11, of which 30-50 cents was a fee paid to the former owners, now operators. The detailed history of the ...

    • Oil and natural gas reserve prices : addendum to CEEPR WP 03-016 ; including results for 2003 revisions to 2001 

      Adelman, Morris Albert; Adelman, Morris Albert; Watkins, G. C. (MIT Center for Energy and Environmental Policy Research, 2005)
      Introduction. A working paper entitled "Oil and Natural Gas Reserve Prices 1982-2002: Implications for Depletion and Investment Cost" was published in October 2003 (cited hereafter as Adelman & Watkins [2003]). Since then ...

    • Oil and natural gas reserve prices, 1982-2002 : implications for depletion and investment cost 

      Adelman, Morris Albert; Watkins, G. C. (MIT Center for Energy and Environmental Policy Research, 2003)
      A time series is estimated of in-ground prices - as distinct from wellhead prices ₆ of US oil and natural gas reserves for the period 1982-2002, using market purchase and sale transaction information. The prices are a ...

    • OPEC at high noon 1974-1981 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1992)
      After 1973, oil consumption stagnated worldwide. Non-OPEC output increased, mostly in Alaska, Mexico, and the North Sea, but not because of the price rise. The cartel nations had to assume the whole burden of cutting back ...

    • Reserve asset values and the "hotelling valuation principle" 

      Adelman, Morris Albert; Watkins, G. C. (MIT Center for Energy and Environmental Policy Research, 1992)
      The Hotelling Valuation Principle, that the in-situ value of a mineral unit equals the current net price, is a special case of a more general relation. Tested against a set of recent Canadian sales of oil and gas reserves, ...

    • A review of Oil production capacity expansion costs for the Persian Gulf 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1996)
      The U.S. Energy Information Agency has recently published a report prepared by Petroconsultants, Inc. that addresses the cost of expanding crude oil production capacity in the Persian Gulf. A study on this subject is much ...

    • Sustainable growth and valuation of mineral reserves 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1994)
      The annual change in the value of an in-ground mineral is equal to the increase or decrease of inventories ("reserves"), multiplied by the market value of a reserve unit. The limited shrinking resource base does not exist. ...

    • USA oilgas production cost : recent changes 

      Adelman, Morris Albert (MIT Center for Energy and Environmental Policy Research, 1991)
      During 1984-1989, oil development investment cost in the USA fell, but only because of lower activity. The whole cost curve shifted unfavorably (leftward). In contrast, natural gas cost substantially decreased, the curve ...

    • User cost in oil production 

      Adelman, Morris Albert; DeSilva, Harindar; Koehn, Michael F. (MIT Center for Energy and Environmental Policy Research, 1990)
      The assumption of an initial fixed mineral stock is superfluous and wrong. User cost (resource rent) in mineral production is the present value of expected increases in development cost. It can be measured as the difference ...

    • The value of United States oil and gas reserves 

      Adelman, Morris Albert; Watkins, G. C. (MIT Center for Energy and Environmental Policy Research, 1996)
      The object of this research is to estimate a time series, starting in 1979, for the value of in-ground oil reserves and natural gas reserves in the United States. Relatively good statistics exist for the physical quantities. ...