Global Oil Depletion: Is it Imminent?
Article from: OGEL 1 (2004), in Economic and Commercial Context for Oil, Gas and Energy Law
Introduction
The issue of imminent oil depletion remains topical. In fact it has been topical for over a hundred years as certain forecasters have repeatedly predicted its imminent arrival. So far, these have proved false alarms. We are hearing renewed concerns today: is it for real this time? In attempting to address this question, I will respond as an economist with oil company experience - not as a geoscientist. Economists tend not to believe that the volume of recoverable or producible oil resources is fixed. They tend to believe in the role of both supply and demand. They believe that ...