La rivoluzione dello shale oil e i mercati finanziari (The Shale Oil Revolution and Financial Markets)
DOI:
https://doi.org/10.13133/2037-3651_70.278_4Keywords:
Shale Oil, Oligopoly, Financial MarketsAbstract
L'olio di scisto presenta caratteristiche strutturali che lo distinguono dal petrolio "tradizionale", come il minor tempo necessario per costruire nuovi impianti, la minore durata dell'investimento e un rapporto inferiore tra costi fissi e costi variabili. Queste differenze implicano un livello più basso di controllo oligopolistico del mercato, che a medio termine potrebbe portare a un'ulteriore pressione al ribasso sui prezzi. Tuttavia, l'elevato grado di finanziarizzazione di questi mercati rende necessaria, affinché tale cambiamento di regime si concretizzi, che gli operatori dei mercati finanziari interiorizzino nuove convenzioni comportamentali e procedurali, adattate al mutato scenario tecnologico.
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.
JEL codes: L13, L71, Q41
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