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Mineral Depletion, with Special Reference to Petroleum

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  • 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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  • Adelman, M A, 1990. "Mineral Depletion, with Special Reference to Petroleum," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 1-10, February.
    • Handle: RePEc:tpr:restat:v:72:y:1990:i:1:p:1-10
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