Main sources of uncertainty in formulating potential growth scenarios for oil supply
AbstractThe purpose of this paper is to provide an informed contribution to the existing debate on the topic of peak oil and the future sustainability of the prevailing dominant energy model. More specifically, the primary objective is to heighten general awareness of the high levels of uncertainty currently plaguing the future physical potencial of global oil supply. The main sources of uncertainty pinpointed in this analysis are rooted, on the one hand, in the general shortage of verifiable information on the volume of existing reserves and, on the other, in our collective hazy knowledge regarding the current rate of decline of the worldâ€™s oil supply. The reliability of available estimates concerning these two variables has been clearly thrown into doubt by the poor quality and availability of the source data employed.
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Bibliographic InfoPaper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 0905.
Length: 23 pages
Date of creation: Mar 2009
Date of revision:
Oil reserves; rates of decline; oil; peak oil; Hubbert peak theory; future oil production;
Find related papers by JEL classification:
- Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
- Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
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