Understanding oil scarcity through drilling activity
| Autor: | Yiyi Bai, Samuel Jovan Okullo |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
Economics and Econometrics
Natural resource economics business.industry media_common.quotation_subject 05 social sciences Economic rent Overtime Drilling Crude oil Scarcity General Energy Petroleum industry Oil reserves Order (exchange) 0502 economics and business Economics 050202 agricultural economics & policy 050207 economics business media_common |
| Zdroj: | Energy Economics. 69:261-269 |
| ISSN: | 0140-9883 |
| Popis: | There are two dimensions of scarcity for exhaustible resources: physical and economic. While there is a general consensus that oil has grown physically scarce overtime, it is less clear whether the same can be said of economic scarcity. We develop a procedure based on evaluating movements in both drilling trends and rents in order to draw more precise inference about economic availability of oil reserves. We apply this method to data on the US oil industry and demonstrate that US crude oil reserves grew economically more abundant between 1955 and 2002, despite increasing physical scarcity. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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