| 来源类型 | Research papers
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| 规范类型 | 报告
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| A Study on the Current Oil & Gas Price Formula and Its Improvement |
| C. W. Park; Y. K. Lee
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| 发表日期 | 2001-02-05
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| 出版年 | 2001
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| 语种 | 英语
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| 摘要 |
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The object of this study is to suggest some improvements on current price formulas on oil and gas which have been pivotal roles in the process of Korean economic growth. This study first examines basic frames and transition of oil and gas pricing in Korea and then finds some suggestions on them by scrutinizing their theoretical backgrounds.
This study finds several problems on oil and gas pricing formulas. (a) In a model that is now studied to evaluate the current domestic oil price, the costs associated with oil security such as oil stockpile are fully penetrated into oil price without their fair evaluations. There is no evaluation principle on the costs occurred in oil supply security. (b) The Rate Of Equity(ROE), a crucial factor in towngas pricing which is strictly controlled, is directly connected to the average interest rate on saving accounts of domestic commercial banks. Some arguments may have rise about inclusion a risk factor on ROE in order to compensate the uncertainty of towngas business. (c) New demand for natural gas which is generated by new technologies or machinery and tools can help reduce the costs occurred from seasonal imbalance between power sector and gas sector. So it is also important to decide how to include the beneficiary of cost reduction in towngas pricing.
In oder to evaluate the proper price levels, this study tests energy supply security by adopting methodologies such as Herfindahl Index and Portfolio Variance Risk. They can help develop the method to effectively improve the energy security and include the proper energy security costs into energy prices. This study also provides some suggestions for betterment of current ROE decision rule in towngas business and for improvement of current towngas policy that government subsidizes newly developed demand for strengthening price competitiveness in the early stage.
201 pages. 145 refs., 16 figs., 49 tabs. Language : Korean |
| URL | http://www.keei.re.kr/web_keei/en_publish.nsf/by_report_year/E18EFC825F93A13A492569EA001C20AC?OpenDocument
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| 来源智库 | Korea Energy Economics Institute (Republic of Korea)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/322190
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推荐引用方式
GB/T 7714 |
C. W. Park,Y. K. Lee. A Study on the Current Oil & Gas Price Formula and Its Improvement. 2001.
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