Oil and the political economy of energy

Igor Matutinovic

Energy Policy, 2009, vol. 37, issue 11, 4251-4258

Abstract: The key issues concerning oil exploitation are still open for discussion: there is no agreement about where we presently stand in the world oil extraction curve, what is its exact shape, and how far can oil price grow before it changes irreversibly the world economy and consumer behavior. The paper proposes an alternative scenario to the Hubbert's bell-shaped model of oil exploitation, based on more realistic assumptions regarding political agendas in oil-exporting countries and consumer behavior dynamics in oil-importing countries. Under this scenario, the joint impact of markets and public policy in oil importing countries together with "resource pragmatism" policy in oil-exporting countries allows for a less steep oil supply curve with a much fatter tail compared to the Hubbert's model.

Keywords: Peak-oil; Hubbert's; curve; Oil; transition (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0301-4215(09)00377-2
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:37:y:2009:i:11:p:4251-4258

Access Statistics for this article

Energy Policy is currently edited by N. France

More articles in Energy Policy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().