Philip Verleger
PK Verleger LLC

Dr. Philip K. Verleger, Jr. is Owner and President of PKVerleger LLC, an independent consulting firm. Dr. Verleger’s research focuses primarily on the function and structure of energy commodity markets. His studies also encompass the changing relationship between the energy and economic sectors.
Dr. Verleger earned his Ph.D. in Economics from MIT in 1971. He began his work in 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 as Director of the Office of Energy Policy at the US Treasury in President Carter’s administration. He later served as a Senior Research Scholar and Lecturer at Yale University’s School of Organization and Management and as a Vice President in Drexel Burnham Lambert’s Commodities Division. Dr. Verleger was a Senior Fellow and then Visiting Fellow at the Peterson Institute for International Economics from 1986 until 2012. From 2008 to 2010, he served as the David E. Mitchell/EnCana Professor of Management at the University of Calgary’s Haskayne School of Business.

Posts by Dr. Philip Verleger

- Blog

The Era of Petro-Exuberance – The Real Reasons Underlying Today’s Crude Oil Prices

Alan Greenspan coined the phrase "irrational exuberance" during his tenure as Federal Reserve chairman. He used it in a 1996 speech in reference to the excessively high prices of "dot-com" companies. He worried that assets were overvalued. Four years later, the dot-com bubble burst, confirming his concerns. Presently we are observing the last gasps of irrational exuberance in petroleum. Call it "petro-exuberance." This malady became apparent during a session on oil market issues at the World Economic Forum in Davos, Switzerland. Some panelists clearly had a case of irrational exuberance, an overenthusiasm no different from what we saw at the end of the dot-com and the housing crises.