Ten Reasons to Take Peak Oil Seriously
AbstractForty years ago, the results of modeling, as presented in The Limits to Growth , reinvigorated a discussion about exponentially growing consumption of natural resources, ranging from metals to fossil fuels to atmospheric capacity, and how such consumption could not continue far into the future. Fifteen years earlier, M. King Hubbert had made the projection that petroleum production in the continental United States would likely reach a maximum around 1970, followed by a world production maximum a few decades later. The debate about “peak oil”, as it has come to be called, is accompanied by some of the same vociferous denials, myths and ideological polemicizing that have surrounded later representations of The Limits to Growth . In this review, we present several lines of evidence as to why arguments for a near-term peak in world conventional oil production should be taken seriously—both in the sense that there is strong evidence for peak oil and in the sense that being societally unprepared for declining oil production will have serious consequences.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by MDPI, Open Access Journal in its journal Sustainability.
Volume (Year): 5 (2013)
Issue (Month): 2 (February)
Contact details of provider:
Web page: http://www.mdpi.com/
peak oil; natural resource limits; non-conventional oil;
Find related papers by JEL classification:
- Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
- Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
- Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
- Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
- Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
- O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dees, Stephane & Karadeloglou, Pavlos & Kaufmann, Robert K. & Sanchez, Marcelo, 2007. "Modelling the world oil market: Assessment of a quarterly econometric model," Energy Policy, Elsevier, vol. 35(1), pages 178-191, January.
- Miller, Richard G., 2011. "Future oil supply: The changing stance of the International Energy Agency," Energy Policy, Elsevier, vol. 39(3), pages 1569-1574, March.
- Krichene, Noureddine, 2002. "World crude oil and natural gas: a demand and supply model," Energy Economics, Elsevier, vol. 24(6), pages 557-576, November.
- Kaufmann, Robert K. & Shiers, Laura D., 2008. "Alternatives to conventional crude oil: When, how quickly, and market driven?," Ecological Economics, Elsevier, vol. 67(3), pages 405-411, October.
- James D. Hamilton, 2008.
"Understanding Crude Oil Prices,"
NBER Working Papers
14492, National Bureau of Economic Research, Inc.
- Jakobsson, Kristofer & Bentley, Roger & Söderbergh, Bengt & Aleklett, Kjell, 2012. "The end of cheap oil: Bottom-up economic and geologic modeling of aggregate oil production curves," Energy Policy, Elsevier, vol. 41(C), pages 860-870.
- Tverberg, Gail E., 2012. "Oil supply limits and the continuing financial crisis," Energy, Elsevier, vol. 37(1), pages 27-34.
- Lynch, Michael C., 2002. "Forecasting oil supply: theory and practice," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(2), pages 373-389.
- Kaufmann, Robert K. & Ullman, Ben, 2009. "Oil prices, speculation, and fundamentals: Interpreting causal relations among spot and futures prices," Energy Economics, Elsevier, vol. 31(4), pages 550-558, July.
- Sorrell, Steve & Miller, Richard & Bentley, Roger & Speirs, Jamie, 2010. "Oil futures: A comparison of global supply forecasts," Energy Policy, Elsevier, vol. 38(9), pages 4990-5003, September.
- Nel, Willem P. & Cooper, Christopher J., 2009. "Implications of fossil fuel constraints on economic growth and global warming," Energy Policy, Elsevier, vol. 37(1), pages 166-180, January.
- Roberto F. Aguilera & Roderick G. Eggert & Gustavo Lagos C.C. & John E. Tilton, 2009. "Depletion and the Future Availability of Petroleum Resources," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 141-174.
- Kaufmann, Robert K. & Gonzalez, Nancy & Nickerson, Thomas A. & Nesbit, Tyler S., 2011. "Do household energy expenditures affect mortgage delinquency rates?," Energy Economics, Elsevier, vol. 33(2), pages 188-194, March.
- Sorrell, Steve & Speirs, Jamie & Bentley, Roger & Brandt, Adam & Miller, Richard, 2010. "Global oil depletion: A review of the evidence," Energy Policy, Elsevier, vol. 38(9), pages 5290-5295, September.
- Brecha, Robert J., 2012. "Logistic curves, extraction costs and effective peak oil," Energy Policy, Elsevier, vol. 51(C), pages 586-597.
- Dées, Stéphane & Gasteuil, Audrey & Kaufmann, Robert K. & Mann, Michael, 2008. "Assessing the factors behind oil price changes," Working Paper Series 0855, European Central Bank.
- Cleveland, Cutler J., 2005. "Net energy from the extraction of oil and gas in the United States," Energy, Elsevier, vol. 30(5), pages 769-782.
- Kaufmann, Robert K., 2011. "The role of market fundamentals and speculation in recent price changes for crude oil," Energy Policy, Elsevier, vol. 39(1), pages 105-115, January.
- Bahattin Buyuksahin & Jeffrey H. Harris, 2011. "Do Speculators Drive Crude Oil Futures Prices?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 167-202.
- Sorrell, Steve & Speirs, Jamie & Bentley, Roger & Miller, Richard & Thompson, Erica, 2012. "Shaping the global oil peak: A review of the evidence on field sizes, reserve growth, decline rates and depletion rates," Energy, Elsevier, vol. 37(1), pages 709-724.
- Höök, Mikael & Tang, Xu, 2013. "Depletion of fossil fuels and anthropogenic climate change—A review," Energy Policy, Elsevier, vol. 52(C), pages 797-809.
- Jakobsson, Kristofer & Söderbergh, Bengt & Höök, Mikael & Aleklett, Kjell, 2009. "How reasonable are oil production scenarios from public agencies?," Energy Policy, Elsevier, vol. 37(11), pages 4809-4818, November.
- Brecha, Robert J., 2008. "Emission scenarios in the face of fossil-fuel peaking," Energy Policy, Elsevier, vol. 36(9), pages 3492-3504, September.
- Lutz, Christian & Lehr, Ulrike & Wiebe, Kirsten S., 2012. "Economic effects of peak oil," Energy Policy, Elsevier, vol. 48(C), pages 829-834.
- Kerschner, Christian & Hubacek, Klaus, 2009. "Assessing the suitability of input–output analysis for enhancing our understanding of potential economic effects of Peak Oil," Energy, Elsevier, vol. 34(3), pages 284-290.
- Hirsch, Robert L., 2008. "Mitigation of maximum world oil production: Shortage scenarios," Energy Policy, Elsevier, vol. 36(2), pages 881-889, February.
- Fantazzini, Dean & Hook, Mikael & Angelantoni, André, 2011.
"Global oil risks in the early 21st century,"
33825, University Library of Munich, Germany.
- Reynolds, Douglas B., 1999. "The mineral economy: how prices and costs can falsely signal decreasing scarcity," Ecological Economics, Elsevier, vol. 31(1), pages 155-166, October.
- Graham M Turner, 2008. "A Comparison of the Limits to Growth with Thirty Years of Reality," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2008-09, CSIRO Sustainable Ecosystems.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (XML Conversion Team).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.