U.S. oil and natural gas reserve prices, 1982-2003

M.A. Adelman and G.C. Watkins

Energy Economics, Vol. 27, pp 553-571; (2005)

M.A. Adelman and G.C. Watkins, Energy Economics, Vol. 27, pp 553-571; (2005)

A time series is estimated of in-ground prices of U.S. oil and natural gas reserve prices for the period 19822003, usingmarket transaction data.Reserves sold are considered as proved; errors in this respect may affect estimates, in either direction. The data are also used to examine the impact of reserve status, production rate, and well head prices, on reserve prices.Both oil and gas current values rose after 2000. In real terms, the reserve value of oil rose sharply in 2003, but stayed below the 1985 peak; that of gas remained below the mid-1980s. Oil reserve values hold for the worldwide industry; gas values only for North America.

For Associates Only

As a benefit to our Associates, the latest Working Papers are embargoed for a period of up to six months before becoming accessible to the public. If you are interested in becoming an Associate or learning more about the benefits of sponsorship, please click here, or email us at

If you are a CEEPR Associate or CEEPR staff member, please visit the login page here: