30 Nov '12, 2pm

Drumbeat: November 30, 2012

Drumbeat: November 30, 2012

Posted by Leanan on November 30, 2012 - 10:43am Exhaustible resources and economic growth My view is that with these new fields and new technology, we’ll see further increases in U.S. and world production of oil for the next several years. But, unlike many other economists, I do not expect that to continue for much beyond the next decade. We like to think that the reason we enjoy our high standard of living is because we have been so clever at figuring out how to use the world’s available resources. But we should not dismiss the possibility that there may also have been a nontrivial contribution of simply having been quite lucky to have found an incredibly valuable raw material that was relatively easy to obtain for about a century and a half. My view is that stagnant world oil production and doubling in the real price of oil over 2005-2010 put significant burdens on the o...

Full article: http://www.theoildrum.com/node/9666

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