The Leading eBooks Store Online 4,363,412 members ⚫ 1,467,645 ebooks

New to eBooks.com?

Learn more
The Future of Oil:  Geology versus Technology by Marcelle Chauvet
Buy this eBook
US$ 9.00
(If any tax is payable it will be calculated and shown at checkout.)
We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The geological view expects that physical constraints will dominate the future evolution of oil output and prices. It is supported by the fact that world oil production has plateaued since 2005 despite historically high prices, and that spare capacity has been near historic lows. The technological view of oil expects that higher oil prices must eventually have a decisive effect on oil output, by encouraging technological solutions. It is supported by the fact that high prices have, since 2003, led to upward revisions in production forecasts based on a purely geological view. We present a nonlinear econometric model of the world oil market that encompasses both views. The model performs far better than existing empirical models in forecasting oil prices and oil output out of sample. Its point forecast is for a near doubling of the real price of oil over the coming decade. The error bands are wide, and reflect sharply differing judgments on ultimately recoverable reserves, and on future price elasticities of oil demand and supply.
International Monetary Fund; May 2012
33 pages; ISBN 9781475567403
Read online, or download in secure EPUB or secure PDF format
Title: The Future of Oil: Geology versus Technology
Author: Marcelle Chauvet; Jack G. Selody; Douglas Laxton; Michael Kumhof; Jaromir Benes; Ondra Kamenik; Susanna Mursula