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Mineral Depletion, with Special Reference to Petroleum

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Author Info
Adelman, M A
Abstract

There is no fixed stock, only a flow into current inventory, i.e., reserves. Development outlay per added unit of reserves or capacity is also a proxy for finding cost and resource rent. Worldwide stability of development costs shows oil has not become more scarce since 1955. A simple development model explains observed value-price relations. The rate of interest has little net effect upon the optimal rate of reservoir depletion. Competitive mineral markets do not resemble monopolized markets. The 1970s expropriation of low-cost oil would have, under competition, increased depletion; monopoly curtailed it. Copyright 1990 by MIT Press.

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Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 72 (1990)
Issue (Month): 1 (February)
Pages: 1-10
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Handle: RePEc:tpr:restat:v:72:y:1990:i:1:p:1-10

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  1. Toman, Michael & Krautkraemer, Jeffrey, 2003. "Fundamental Economics of Depletable Energy Supply," Discussion Papers dp-03-01, Resources For the Future. [Downloadable!]
  2. James L. Smith, 2003. "Petroleum Property Valuation," Working Papers 0311, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
  3. Manuel Frondel & Christoph M. Schmidt, 2008. "Measuring Energy Security – A Conceptual Note," Ruhr Economic Papers 0052, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
  4. Watkins, G. C. & Streifel, Shane, 1997. "World crude oil resources : evidence from estimating supply functions for 41 countries," Policy Research Working Paper Series 1756, The World Bank. [Downloadable!]
  5. Cees Withagen, 1998. "Untested Hypotheses in Non-Renewable Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 623-634, April. [Downloadable!] (restricted)
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