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2010/1 Module Catalogue
Module Provider: Economics Short Name: EC678
Level: M Module Co-ordinator: HUNT LC Prof (Economics)
Number of credits: 15 Number of ECTS credits: 7.5
Module Availability


Assessment Pattern
Unit(s) of Assessment

Weighting Towards Module Mark (%)

2 hour Examination




Qualifying Condition(s)
A weighted aggregated mark of 50% is required to pass this module
Module Overview

This module covers the economic analysis uof international oil and gas markets, examining in detail the behaviour of key stakeholders, namely: consumers and producers (including industry, OPEC, host Governments). It also combines both a historic assessment of key developments that have affected the oil and gas industry, as well as an analysis of current energy policies.


Either ECOM026 Energy Economics and Technology or ECOM020 Microeconomics

Module Aims

To enable students to analyse the economics of oil and gas markets

Learning Outcomes

By the end of the module students will:

  • Acquire a deep understanding of the role of oil and gas in international energy markets 
  • Grasp the influence of technical characteristics on the structure and operation of the oil and gas markets
  • Recognise the key factors affecting the market fundamentals of oil and gas, including energy policy
  • Appreciate the usefulness and the limitations of economic explanations of oil price movements 


Module Content

The following is an indication of the likely topics to be covered:-

  • Technical characteristics of oil and their consequences
  • Evolution of the structure of the oil industry
  • Oil demand and elasticities 
  • Fundermentals of oil production
  • Petroleum taxation 
  • Resource base
  • A history of oil pricing and the economics of OPEC
  • Oil price forecasting
  • Developments in the international gas industry
  • Gas pricing
  • Issues shaping the future of oil and gas  


Methods of Teaching/Learning

Lectures (20 hrs)

Selected Texts/Journals

There is no suitable text for the whole module so detailed readings will be given for each topic. However the following include topics covered in the module: 
Paul Stevens (Ed.) Energy Economics Two Volumes. In the series The International Library of Critical Writings in Economics
Volume 1 Pp. Ixvii +547. Volume II Pp.xi +547. Paul Stevens, Energy Economics: A Survey Part 1. Journal of Energy Literature. Vol VI No 2 December 2000. Pp. 3-31. Energy Economics: A Survey Part 2. Journal of Energy Literature. Vol VII No 1 June 2001. Pp. 3-42

Last Updated

28 September 2010