The Journal of Energy and Development, autumn 1993, volume 19, number 1

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W. David Walls, “Competition, Prices and Efficiency in the Deregulated Gas Pipeline Network: A Multivariate Cointegration Analysis.” This paper app... (More) W. David Walls, “Competition, Prices and Efficiency in the Deregulated Gas Pipeline Network: A Multivariate Cointegration Analysis.” This paper applies multivariate cointegration analysis to data from the U.S. natural gas industry to quantify the degree of competition in the open access pipeline network and natural gas prices.

Michael C. Lynch, “Shoulder Against Shoulder: The Evolution of Oil Industry Strategy.” This paper identifies the reasons behind two of the more egregious strategic errors the U.S. petroleum industry has made and the extent to which poor planning rather than bad luck or unpredictable events might have been responsible. These two strategic errors were the diversification in the 1970s and the reemphasis on U.S. upstream in the early 1980s. The author describes what led to the industry adopting these two strategies, why they were so unprofitable, and why they were later abandoned. The primary miscalculation the industry made was in not questioning the conventional wisdom about inevitably rising oil prices and constrained supply.

Andreas A. Andrikopoulos and Andriana A. Vlachou, “The Structure and Efficiency of the Publicly Owned Electric Power Industry of Greece.” Electric power utilities have historically been publicly owned and regulated due to the fact that they are natural monopolies. However, in the 1980s, policy makers in many countries were calling for the privatization, deregulation, and vertical disintegration of the electric power utilities with the stated goal of increasing the industry’s efficiency. Yet studies often contradicted policy makers’ beliefs that private ownership would result in greater efficiencies. This paper uses the Greek Public Power Corporation (GPPC) as a case study to assess the overall cost structure and efficiency of the electric power industry as a whole, while also looking at firm-level decision making.

Haijiang Wang, “China's Impact of the World Crude-Oil Market.” This paper looks at the impact of China’s changing oil market needs, which are dramatically shaping the country’s crude and petroleum product balances. The author addresses the major changes that have characterized China’s transition from a net oil exporter in the 1960s through the 1980s to a net oil importer by the early 1990s.

Ewah Out Eleri, “Nigeria: Energy for Sustainable Development.” This paper reassesses the common proposition that energy has “fuelled” growth and development in Nigeria by its role as the chief source of state revenue and through its input into economic activities in the country. However, this article suggests that conventional energy management in Nigeria has tended to create development flaws on its own.

Huei-chu Liao and Shu-chuan Lin, “The Capture of Oil Price Shock − Oil Price Change Forecasting.” This paper addresses ways to enhance the forecasting ability of oil price models. By running oil price regressions, the authors find that oil price shocks are the major source of prediction errors.
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