La rivoluzione dello shale oil e i mercati finanziari (The Shale Oil Revolution and Financial Markets)

Alessandro Roncaglia


Shale oil exhibits structural characteristics that set it apart from ‘traditional’ oil, such as the shorter time required to build new plants, the shorter duration of the investment, and a lower ratio of fixed to variable costs. These differences imply a lower degree of oligopolistic control of the market, which in the medium term could lead to further downward pressure on prices. However, the high degree of financialization of these markets makes it a necessary condition, for such a regime change to materialize, that financial market operators internalize new behavioural and procedural conventions, adapted to the changed technological scenario.


 Keywords: Shale Oil, Oligopoly, Financial Markets

JEL codes: L13, L71, Q41


Shale Oil, Oligopoly, Financial Markets

Full Text


Riferimenti bibliografici

Adelman M.A. (1972), The World Petroleum Market, Baltimore: Johns Hopkins University Press.

Adelman M.A. (1995), The Genie Out of the Bottle. World Oil Since 1970, Cambridge (MA): MIT Press.

Ahlbrandt T.S. (2006), “Global Petroleum Reserves, Resources and Forecasts”, in Mabro R. (ed.), Oil in the 21st Century. Issues, Challenges and Opportunities, Oxford: Oxford University Press.

Al-Chalabi F.J. (1991), “The World Oil Price Collapse of 1986: Causes and Implications for the Future of OPEC”, in Kohl W.L. (ed.), After the Oil Price Collapse, Baltimore: Johns Hopkins University Press, pp. 1-27.

Askari H. (1991), “Saudi Arabia’s Oil Policy: Its Motivations and Impacts”, in Kohl W.L. (ed.), After the Oil Price Collapse, Baltimore: Johns Hopkins University Press, pp. 28-42.

Blair J.M. (1976), The Control of Oil, New York: Pantheon Books.

Campbell C.J. (1997), The Coming Oil Crisis, Brentwood (UK): Multi-Science Publishing Company.

Carollo S. (2012), Understanding Oil Prices, Chichester: Wiley, e Roma: Fondazione Enrico Mattei.

Cherrier B. (2014), “Toward a History of Economics at MIT, 1940-7”, History of Political Economy, vol. 46 n. 5 (Supplement), pp. 15-44.

Dasgupta P.S., Heal G.M. (1979), Economic Theory and Exhaustible Resources, Cambridge: Cambridge University Press.

Duarte P.G. (2014), “The Early Years of the MIT PhD Program in Industrial Economics”, History of Political Economy, vol. 46 n. 5 (Supplement), pp. 81-108.

Fama E.F. (1970), “Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance, vol. 25 n. 2, pp. 383-417.

Fattouh B. (2011), “An Anatomy of the Crude Oil Pricing System”, Working Paper WPM, n. 40, Oxford: Oxford Institute for Energy Studies.

Federal Trade Commission (1952), The International Petroleum Cartel (Staff report), Washington: US Government Printing Office.

Golombek R., Irarrazabal A.A., Ma L. (2014), “OPEC’s Market Power: An Empirical Dominant Firm Model for the Oil Market”, Norges Bank Working Paper, n. 3, Oslo: Norges Bank Research.

Horsnell P., Mabro R. (eds.) (1993), Oil Market and Prices. The Brent Market and the Formation of World Oil Prices, Oxford: Oxford University Press and Oxford Institute for Energy Studies.

Hotelling H. (1931), “The Economics of Exhautible Resources”, Journal of Political Economy, vol. 39, pp. 137-175.

Hubbert M.K. (1969), “Energy Resources”, in National Academy of Sciences and National Research Council, Committee on Resources and Man (ed.), Resources and Man, San Francisco: W.H. Freeman, pp. 157-242

International Energy Agency (IEA) (2013), Resources to Reserves 2013, Paris: International Energy Agency.

Jevons W.S. (1865), The Coal Question, London: Macmillan.

Kaminski V. (2012), Energy Markets, London: Risk books.

Keynes J.M. (1936), The General Theory of Employment, Interest and Money, London: Macmillan.

Krautkraemer J.A. (1998), “Nonrenewable Resource Scarcity”, Journal of Economic Literature, vol. 36 n. 4, pp. 2065-2107.

Maugeri L. (2012), “Oil: The Next Revolution”, Belfer Center for Science and International Affairs Discussion Paper, n. 2012-10, Cambridge (MA): Harvard Kennedy School.

Meadows D.H., Meadows D.L., Randers J., Behrens III W.W. (1972), The Limits to Growth, New York: New American Library.

Roncaglia A. (1983), L’economia del petrolio, Roma-Bari: Laterza.

Roncaglia A. (2014), “Teoria dell’occupazione: due impostazioni a confronto”, Moneta e Credito, vol. 67 n. 267, pp. 243-270.

Roncaglia A. (2015), “Oil and Its Markets”, PSL Quarterly Review, vol. 68 n. 273, pp. 151-175.

Roncaglia A. (2016), Breve storia del pensiero economico, Roma-Bari: Laterza.

Sampson A. (1975), The Seven Sisters: The Great Oil Companies and the World They Made, London: Hodder & Stoughton.

Sraffa P. (1925), “Sulle relazioni tra costo e quantità prodotta”, Annali di Economia, vol. II n. 1, pp. 277-328.

Sylos Labini P. (1956), Oligopolio e progresso tecnico, Milano: Giuffrè.

Sylos Labini P., Guarino G. (1956), L’industria petrolifera negli Stati Uniti, nel Canada e nel Messico, Milano: Giuffrè.

Valiante D. (2013), Commodities Price Formation: Financialisation and Beyond, CEPS - ECMI Task Force Report, Brussels: Centre for European Policy Studies.

Van der Linde C. (1991), Dynamic International Oil Markets: Oil Market Developments and Structure, 1860-1990, Dordrecht: Kluwer Academic Publishers.

Yergin D. (2011), The Quest: Energy, Security, and the Remaking of the Modern World, New York: Penguin Press.



  • Non ci sono refbacks, per ora.

Copyright (c) 2017 Alessandro Roncaglia

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.


Con il contributo di  

ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009