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首页> 外文期刊>Journal of the Association of Environmental and Resource Economists >Trophy Hunting versus Manufacturing Energy: The Price Responsiveness of Shale Gas
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Trophy Hunting versus Manufacturing Energy: The Price Responsiveness of Shale Gas

机译：奖杯狩猎与制造能源：页岩气的价格响应性

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We analyze the relative price responsiveness of unconventional versus conventional natural gas extraction. We separately analyze three key stages of gas production: drilling wells, completing wells, and producing natural gas from the completed wells. The most important margin is drilling investment, and neither production from existing wells nor completion times respond strongly to prices. We estimate a gas drilling response of 0.9% per 1% gas price shock, for both conventional and unconventional sources. Nonetheless, because unconventional wells produce about three times more gas per well than conventional ones, the supply response is much larger for unconventional supply. Accounting for changes to the level and composition of drilling activity, the gas supply is about three times more responsive during the “shale era” of 2010–15 compared to 2000–2005. We illustrate how the distinctions between the stages of production (drilling, completion, and production) are key to understanding price responsiveness.
机译：我们分析了非常规天然气与常规天然气开采的相对价格响应能力。我们分别分析了天然气生产的三个关键阶段：钻井，完井和从完井中生产天然气。最重要的利润是钻井投资，既没有现有井的生产，也没有完井时间对价格产生强烈的反应。对于常规和非常规气源，我们估计每1％的气价冲击将产生0.9％的气钻响应。但是，由于非常规井每口井的天然气产量是常规井的三倍，因此非常规井的供应响应要大得多。考虑到钻井活动水平和构成的变化，在2010-15年的“页岩时代”，天然气供应的响应速度是2000-2005年的三倍。我们说明了生产阶段（钻探，完井和生产）之间的区别是如何理解价格响应能力的关键。

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