Petroleum economics, or petroleum economics is the study of economic aspects of petroleum and the petroleum industry. It includes analysis of the oil price, cost structure, supply and demand, technological developments and trends in business, politics, law and finance.
The field is a combination of political science, geology, geography and economics.
Petroleum economics can be divided into three separate sub-fields:
1) Production economics – deals with the economics of extracting crude oil from the earth. This includes exploration for new resources, geological studies to determine the location of underground reservoirs and analyzing their size and quality. Engineering techniques are used to extract oil from the reservoir rock formations. Economic factors such as technology improvements can affect production costs dramatically over time.
2) Consumption economics – deals with issues related to consumption of oil products by consumers (households). This includes researching how much people use per day on average (such as gasoline), what type they use (diesel or gasoline), whether they use public transportation or own cars/trucks/boats/etc., etc.. The goal is to find ways to reduce energy consumption in order to conserve non-renewable resources like coal or oil which have limited amounts available on Earth
PhD In Petroleum Economics And Management
A PhD in Petroleum Economics and Management is a doctoral degree that prepares students for careers in research, academia and industry. It is typically earned after about five years of study beyond a master’s degree.
Petroleum economics and management is a subfield of economics that focuses on the exploration, extraction, processing and transportation of oil and gas. Students who pursue this degree may find themselves analyzing the economic viability of new oil fields, forecasting future prices or researching the impact of climate change on energy sources.
Depending on their interests, students might focus on either petroleum engineering or petroleum geology. In both cases, students will take courses in economics and finance as well as geology and civil engineering. They will also complete an internship with an energy company or government agency to gain real-world experience before completing their dissertation work.
