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Oil and the political economy of energy

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  • Matutinovic, Igor
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    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.

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    File URL: http://www.sciencedirect.com/science/article/B6V2W-4WGJKS5-2/2/2d5f7f9e2fd06e8e0a84e8d8c90d4f46
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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 37 (2009)
    Issue (Month): 11 (November)
    Pages: 4251-4258

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    Handle: RePEc:eee:enepol:v:37:y:2009:i:11:p:4251-4258

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    Web page: http://www.elsevier.com/locate/enpol

    Related research

    Keywords: Peak-oil Hubbert's curve Oil transition;

    References

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    1. Guriev, Sergei & Kolotilin, Anton & Sonin, Konstantin, 2008. "Determinants of Expropriation in the Oil Sector: A Theory and Evidence from Panel Data," CEPR Discussion Papers 6755, C.E.P.R. Discussion Papers.
    2. Manishi Prasad & Peter Wahlqvist & Rich Shikiar & Ya-Chen Tina Shih, 2004. "A," PharmacoEconomics, Springer Healthcare | Adis, vol. 22(4), pages 225-244.
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    Cited by:
    1. Patrick Criqui & Silvana Mima, 2012. "European climate -- energy security nexus: A model based scenario analysis," Post-Print halshs-00661043, HAL.

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