Introduction, issue 71

Journal article

As oil prices began to rise above the 90 dollars per barrel level and came within a spitting distance of the magic 100 dollar number, increasing numbers of people are asking: Why? Paul Horsnell, in an article remarkable for its brilliant and original interpretation of oil prices determination, provides an answer. Oil prices are not like a cake made up of different layers, in this case premia for such things as geopolitical fears, financial speculation and so on. It is rather like a toddler who roams around trying to see how far it can go until somebody or some harsh reality stops him. So far the ‘harsh realities’ of supply and demand have not signalled any danger. And there is much more than that to think about in Paul’s paper.

• Publication status: Published
• Publisher: Oxford Institute for Energy Studies
• Journal: Oxford Energy Forum
• Volume: November 2007
• Issue: 71
• Pages: 1-2
• Publication date: 2007-11-01
• Edition: Publisher's version
• ISSN: 0959-7727
• Language: English
• Keywords: OIES