Oil price shocks on shale oil supply and energy security: a case study of the United States

Q2 Social Sciences

International Journal of Development Issues Pub Date : 2022-03-29 DOI:10.1108/ijdi-12-2021-0264

Emad Kazemzadeh, Mohammad Taher Ahmadi Shadmehri, Taghi Ebrahimi Salari, N. Salehnia, A. Pooya

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引用次数: 1

Abstract

Purpose The purpose of this study is to examine oil price shocks on US shale oil supply and energy security during the period 2000q1–2020q4. Design/methodology/approach In this study, the Shannon–Wiener index was used to calculate energy security, and then a structural vector autoregression (VAR) was applied to measure the effect of oil price shocks. Findings The results of the variance decomposition indicate that oil prices account for about 20% of changes in US shale oil production, while it explains only about 3% of changes in energy security. Finally, historical decomposition confirms the results of impulse response functions. Originality/value The novelty of this study is that so far, no study has examined the effect of oil price shock on shale oil production and energy security in the USA using the structural VAR model. This study also used the latest Shannon–Wiener index as a measure of energy security in the USA. The reason for selecting this index is that, in addition to considering the share of the total consumption of each primary energy, the share of energy imports from each country as well as the political risk of energy exporting countries to the USA are also included.

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油价冲击对页岩油供应和能源安全的影响:以美国为例

本研究的目的是考察2000年第一季度至2020年第四季度期间油价冲击对美国页岩油供应和能源安全的影响。设计/方法/方法在本研究中，采用Shannon-Wiener指数来计算能源安全，然后采用结构向量自回归(VAR)来衡量油价冲击的影响。方差分解的结果表明，油价占美国页岩油产量变化的20%左右，而它只解释了能源安全变化的3%左右。最后，历史分解证实了脉冲响应函数的结果。独创性/价值本研究的新颖之处在于，到目前为止，还没有研究使用结构VAR模型检验油价冲击对美国页岩油生产和能源安全的影响。这项研究还使用了最新的香农-维纳指数作为美国能源安全的衡量标准。选择该指标的原因是，除了考虑每一种一次能源在总消费中的份额外，还考虑了从每个国家进口的能源份额以及能源出口国对美国的政治风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Development Issues Social Sciences-Political Science and International Relations

CiteScore

2.90

自引率

0.00%

发文量

期刊介绍： The International Journal of Development Issues (IJDI) publishes scholarly research on important development issues, with a particular focus on development dynamism and a leaning towards inter-disciplinary research. IJDI welcomes papers that are empirically oriented but such work should have solid methodological foundations based on realism and pragmatism rather than on idealism. Critical analysis of development issues from both the heteredox viewpoint and the neo-liberalist viewpoint, in orthodox tradition, are equally encouraged. The journal publishes authoritative, intelligent articles and research of direct relevance to those investigating and/or working within areas closely associated with development processes. Special consideration is given to research papers that consider development issues from either a socio-economic, political, historical or sociological, anthropological, ecological and technological standpoint.