The Oil Drum: The Extraction of Exhaustible Resources

Let’s discuss the ideas of Gowdy and Julia, whose main conclusions are essentially that 1) oil is not being treated as a finite resource as the oil field analyses predict and 2) temporary production gains mask real scarcity and result in misleading low oil prices. Let’s look at the work of Hotelling in the context of peak oil and see where that goes. (lots of charts and economics/academic-speak in this one, folks)

Much more discussion after the jump to The Oil Drum.