Dr. Philip K. Verleger, Jr., has studied and written about energy markets since 1971. His earliest research, published in 1973, addressed the determinants of gasoline demand. It is still cited today. Since 1971, he has published two books and numerous articles and papers on the evolution of energy markets. Many of these have influenced the thinking about and development of these markets, especially his papers on how energy went from being a monopolized good to a real commodity and the transformation’s consequences.
Dr. Verleger played a critical role in creating the oil futures markets. His most recent research has shown that the crude oil price collapse that began in 2014 shares many characteristics with the subprime housing debacle that precipitated Lehman Brothers’ failure and the Great Recession of 2009. This new research suggests the oil price decline will have very long-lasting and negative implications for much of the energy sector, even if prices rebound periodically.
Dr. Verleger earned his Ph.D. in Economics from MIT in 1971. He began his work on energy as a consultant to the Ford Foundation Energy Policy Project in 1972. He then served as a Senior Staff Economist on President Ford’s Council of Economic Advisers and Director of the Office of Energy Policy at the US Treasury in President Carter’s administration
Dr. Verleger has been a Senior Research Scholar and Lecturer at the School of Organization and Management at Yale University and a Vice President in the Commodities Division at Drexel Burnham Lambert. He is now Owner and President of PKVerleger LLC. From 2008 to 2010, Dr. Verleger served as the David E. Mitchell/EnCana Professor of Management at the University of Calgary’s Haskayne School of Business. From 1985 to 2012, he was affiliated with the Peterson Institute for International Economics, most recently as a Senior Fellow.
The Arctic National Wildlife Refuge (ANWR) has long been of great interest to oil executives, state and federal politicians, and those concerned with the United…
Saudi Arabia is again discussing selling a small share of its national oil company, Aramco, to the public. The announcement has attracted little attention from…
Indonesia announced last week that it would not enforce the upcoming IMO 2020 rule requiring marine vessels to burn bunker fuels containing no more than…
Albert Einstein once wrote that “the definition of insanity is doing the same thing over and over again and expecting different results.” Were he alive…
The oil industry hates electric cars for good reasons. Intelligent executives in the industry (of which there seem few) see electric vehicles (EVs) as a…
The Trump administration has two assessments of the impact of the IMO 2020 marine fuel sulfur regulation to consider. The first was issued in January…
The oil industry has done its best to play down the oil market effect of the impending IMO 2020 rule. Executive after executive has tried…
The most recent forecasts published by the US Energy Information Administration show US oil production increasing steadily. The February Short-Term Energy Outlook sees the output…
Crude oil prices have gone up twenty-seven percent from their Christmas week lows. Many analysts, company representatives, and OPEC officials see them rising further. The…
In the late sixties, an economic debate began between East Coast economics departments (saltwater universities) and midwestern colleges (freshwater universities). Milton Friedman, the spokesperson for…
There is a widespread concern in the world regarding China’s decelerating economic growth. The slowdown, if it continues, threatens economic activity almost everywhere. Growth in…
Forecasters project a large increase in U.S. oil production over 2019. The size of this increase ranges from four hundred and twenty thousand barrels per…
Crude oil prices declined forty percent between October 1 and Christmas Day in 2018. The decrease has been variously attributed to the United States’ failure to…