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Oil and the political economy of energy

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  • Matutinovic, Igor

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.

Suggested Citation

  • Matutinovic, Igor, 2009. "Oil and the political economy of energy," Energy Policy, Elsevier, vol. 37(11), pages 4251-4258, November.
    • Handle: RePEc:eee:enepol:v:37:y:2009:i:11:p:4251-4258
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    References listed on IDEAS

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    1. Sergei Guriev & Anton Kolotilin & Konstantin Sonin, 2011. "Determinants of Nationalization in the Oil Sector: A Theory and Evidence from Panel Data," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 27(2), pages 301-323.
    2. Charles Hall & Pradeep Tharakan & John Hallock & Cutler Cleveland & Michael Jefferson, 2003. "Hydrocarbons and the evolution of human culture," Nature, Nature, vol. 426(6964), pages 318-322, November.
    3. Sergei Guriev & Konstantin Sonin & Anton Kolotilin, 2007. "Determinants of Expropriation in the Oil Sector: A Theory and Evidence from Panel Data," Working Papers w0115, Center for Economic and Financial Research (CEFIR).
    4. Geoff Brumfiel, 2008. "Gulf states plan for nuclear future," Nature, Nature, vol. 455(7212), pages 438-438, September.
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    Cited by:

    1. Jomar Patricia De Avila Arroyo & Milton Yago & Muhammad Ali Nasir & Junjie Wu, 2014. "Strategic Alliance in Energy Sector & Implications for Economic Growth and Technical Efficiency: The Case of Petrobras and Galp," International Journal of Energy Economics and Policy, Econjournals, vol. 4(4), pages 759-771.
    2. Patrick Criqui & Silvana Mima, 2012. "European climate -- energy security nexus: A model based scenario analysis," Post-Print halshs-00661043, HAL.

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