On 7 March 2024, Blas Regnault successfully defended his research developing an alternative approach to an examination of trends and fluctuations in crude oil prices.
His research into crude oil prices detected several gaps in the standard approach used to expain the variables and causalities of these prices. This laid the foundations for an alternative explanation of the determinants of the money prices of crude oil.
Regnault asserted that production costs in the least efficient oil industry in the world (the USA oil industry) and the evolution of the institutional environment (players, consumers, producers, e.g., the creation of OPEC in 1960) determine the money price trends and sub-trends of oil. He argued that this represents a more plausible explanation than that offered by the standard approach. He further demonstrated that fluctuations in the money price of oil are best explained by global business cycles.
- Researcher