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Oil economy phase plot: a physical analogy

Luciano Celi, Claudio Della Volpe, Luca Pardi and Stefano Siboni

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Abstract: A phase plot of the oil economy is built using the literature data of world oil production, price, and EROEI (Energy Returned on Energy Invested). An analogy between the oil economy and the Benard convection is proposed; some methods of interpretation and forecast of the system behavior are also shown based on "phase portrait" using as main variables the price, production and EROEI values. A scenery is proposed on this basis.

Date: 2017-08, Revised 2020-05
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Handle: RePEc:arx:papers:1708.03533