Oil extraction and crude oil price behavior in the United States: a fractional integration and cointegration analysis

IF 3.1 4区工程技术 Q3 ENERGY & FUELS

Energy Sources Part B-Economics Planning and Policy Pub Date : 2022-11-29 DOI:10.1080/15567249.2022.2149900

M. Monge, Enrique Cristobal, L. Gil‐Alana, Ana Lazcano

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引用次数: 1

Abstract

ABSTRACT This study reviews the relationship between the different types of oil extraction such as horizontal drilling or fracking, or directional drilling, which is a hybrid between vertical and horizontal, on the behavior of West Texas Intermediate crude oil prices. In doing so the study adds a new dimension to the literature on the relationship between oil price and extraction techniques. The analysis is based on statistical properties using the VAR model of Fractional Cointegration, reflecting evidence of cointegration between the series, and indicating a long-term equilibrium relationship. In addition, we apply the wavelet transform to analyze the structural changes in the price of West Texas Intermediate brought about by changes in drilling technology. Our results show that all three forms of extraction and West Texas Intermediate prices reach high levels of correlation, particularly around 2014. We conclude that a decrease in production based on any form of crude oil extraction leads to an increase in the price of crude oil.

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美国石油开采和原油价格行为:分数积分和协整分析

摘要本研究综述了不同类型的采油方式，如水平钻井或水力压裂，或定向钻井，这是一种垂直和水平的混合，对西德克萨斯中质原油价格走势的影响。在此过程中，该研究为有关石油价格与开采技术之间关系的文献增加了一个新的维度。分析是基于统计性质使用VAR模型的分数协整，反映了序列之间的协整的证据，并表明一个长期的均衡关系。此外，应用小波变换分析了钻井技术变化对西德克萨斯中质原油价格的结构性影响。我们的研究结果表明，所有三种开采形式与西德克萨斯中质原油价格都达到了很高的相关性，特别是在2014年左右。我们的结论是，基于任何形式的原油开采的产量减少都会导致原油价格上涨。

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

Energy Sources Part B-Economics Planning and Policy ENERGY & FUELS-

CiteScore

6.80

自引率

12.80%

发文量

审稿时长

6-12 weeks

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