美国石油开采和原油价格行为:分数积分和协整分析

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

{"title":"美国石油开采和原油价格行为:分数积分和协整分析","authors":"M. Monge, Enrique Cristobal, L. Gil‐Alana, Ana Lazcano","doi":"10.1080/15567249.2022.2149900","DOIUrl":null,"url":null,"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.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.1000,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Oil extraction and crude oil price behavior in the United States: a fractional integration and cointegration analysis\",\"authors\":\"M. Monge, Enrique Cristobal, L. Gil‐Alana, Ana Lazcano\",\"doi\":\"10.1080/15567249.2022.2149900\",\"DOIUrl\":null,\"url\":null,\"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.\",\"PeriodicalId\":51247,\"journal\":{\"name\":\"Energy Sources Part B-Economics Planning and Policy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.1000,\"publicationDate\":\"2022-11-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Energy Sources Part B-Economics Planning and Policy\",\"FirstCategoryId\":\"5\",\"ListUrlMain\":\"https://doi.org/10.1080/15567249.2022.2149900\",\"RegionNum\":4,\"RegionCategory\":\"工程技术\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ENERGY & FUELS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Sources Part B-Economics Planning and Policy","FirstCategoryId":"5","ListUrlMain":"https://doi.org/10.1080/15567249.2022.2149900","RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ENERGY & FUELS","Score":null,"Total":0}

引用次数: 1

摘要

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。

查看原文本刊更多论文

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

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

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

期刊介绍： 12 issues per year Abstracted and/or indexed in: Applied Science & Technology Index; API Abstracts/Literature; Automatic Subject Index Citation; BIOSIS Previews; Cabell’s Directory of Publishing Opportunities in Economics and Finance; Chemical Abstracts; CSA Aquatic Science & Fisheries Abstracts; CSA Environmental Sciences & Pollution Management Database; CSA Pollution Abstracts; Current Contents/Engineering, Technology & Applied Sciences; Directory of Industry Data Sources; Economic Abstracts; Electrical and Electronics Abstracts; Energy Information Abstracts; Energy Research Abstracts; Engineering Index Monthly; Environmental Abstracts; Environmental Periodicals Bibliography (EPB); International Abstracts in Operations Research; Operations/Research/Management Science Abstracts; Petroleum Abstracts; Physikalische Berichte; and Science Citation Index. Taylor & Francis make every effort to ensure the accuracy of all the information (the "Content") contained in our publications. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor & Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to, or arising out of the use of the Content. Terms & Conditions of access and use can be found at http://www.tandfonline.com/page/terms-and-conditions .