An Economic Analysis of Petroleum and Military Security in the Persian Gulf.

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Geologic estimates ofremainingglobalpetroleum resourcesplace about 50% in the Persian Gulf. Production costs are estimated at $5 per barrel there, and $15 per barrel in the North Sea andAlaska. Using mathematical methods derivedfrom depletion theory, the present valueofeconomicrentfromoilisontheorder of$20trillion. Gametheoryisutilizedtoexplain the $15-$20 per barrel price band that eXistedfrom 1986 to 1999; new economicforces may displace this stable pattern. International trade in petroleum and conventional weapons are analyzedwitheconometricmethods; theoccurrence ofnuclearweaponscapabilityisexplored

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http://hdl.handle.net/123456789/570410

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https://ageconsearch.umn.edu/record/121157/files/Cornell%20SP%2099-05.pdf

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University of Minnesota