TY  - UNPD
A1  - Kilian, Lutz
T1  - The impact of the shale oil revolution on U.S. oil and gasoline prices
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 499
N2  - This article examines how the shale oil revolution has shaped the evolution of U.S. crude oil and gasoline prices. It puts the evolution of shale oil production into historical perspective, highlights uncertainties about future shale oil production, and cautions against the view that the U.S. may become the next Saudi Arabia. It then reviews the role of the ban on U.S. crude oil exports, of capacity constraints in refining and transporting crude oil, of differences in the quality of conventional and unconventional crude oil, and of the recent regional fragmentation of the global market for crude oil for the determination of U.S. oil and gasoline prices. It discusses the reasons for the persistent wedge between U.S. crude oil prices and global crude oil prices in recent years and for the fact that domestic oil prices below global levels need not translate to lower U.S. gasoline prices. It explains why the shale oil revolution unlike the shale gas revolution is unlikely to stimulate a boom in oil-intensive manufacturing industries. It also explores the implications of shale oil production for the transmission of oil price shocks to the U.S. economy.
T3  - CFS working paper series - 499 
KW  - shale oil
KW  - unconventional oil
KW  - tight oil
KW  - infrastructure
KW  - export ban
KW  - refining
KW  - U.S. oil independence
KW  - oil sands
KW  - capacity constraints
KW  - oil trade
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/36097
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-360970
UR  - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2538422
IS  - December 5, 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -