28 Jan '12, 3am

#peakoil Oil prices, exhaustible resources, and economic growth: report extract

Free exchange Blog, The Economist I think it's worth adding a bit more to the discussion based on a new NBER working paper by James Hamilton, who does great work on the relationship between oil prices, production, and economic growth. Mr Hamilton notes that, all else equal, better technology and higher real oil prices lead to higher levels of oil production, as we'd expect. Over the whole of the past century, however, production in individual fields has tended to follow a simple trajectory, despite rising prices and better technology: oil output rises, peaks, and then drops. And both within America and globally, long-run improvements in oil output are primarily due to the development of new fields, rather than more intense extraction from oil fields. In the American context, for example, production generally rose for much of the 20th century even as production from individ...

Full article: http://www.energybulletin.net/stories/2012-01-27/oil-pric...

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