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2017 | OriginalPaper | Chapter

4. Peak Oil

Author : S. W. Carmalt

Published in: The Economics of Oil

Publisher: Springer International Publishing

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Abstract

The history of the oil industry is one of gluts followed by concerns over future supply. Major oil discoveries have tended to flood the market with supplies far in excess of demand. But the resulting low prices increase demand, and as the oil stops gushing out of the wells there is concern about shortages.

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previous chapter Some Basics of Petroleum Geology
next chapter Energy in the Economy
Footnotes
1
As quoted in Ahlbrandt (2012).
 
2
See Aleklett (2012) p. 10 for a history of the term.
 
3
Kuykendall (2005) has compiled a bibliography of Hubbert’s publications. See http://​www.​hubbertpeak.​com/​hubbert/​bibliography.​htm. Accessed 2014-09-02.
 
4
Notably those of Lewis Weeks, chief geologist of Standard Oil of New Jersey (now ExxonMobil).
 
5
Kansas has been very thoroughly explored for oil. This allows statistical forecasting methods to be tested against known results.
 
6
Deffeyes states that the uncertainty in the analysis is ±1 month, allowing him to choose US Thanksgiving Day of 2005 as the actual date of peak oil (Deffeyes 2005, p. 43).
 
7
A conference in 1974 (for proceedings see Haun (ed) 1975) was held at Stanford University on the subject of ‘Methods of Estimating the Volume of Undiscovered Oil and Gas Resources’. Hubbert was conspicuous by his absence.
 
8
Referred to as 1P, 2P and 3P reserves, with 1P being the proved reserves.
 
9
Securities and Exchange Commission, which regulates securities trading in the USA.
 
10
See Financial Standards Accounting Board ASU 2010-03 (FASB 2010).
 
11
See Aleklett (2012) p. 10 for a history of the term.
 
12
Petroconsultants collected and compiled data from the exploration and production sector of the oil industry for much of the world, and then sold the compilations back to the oil companies. The company has since been acquired by IHS, which continues the activity.
 
13
At least it hadn’t as of the end of 2015.
 
14
See Owen (2010) for a precis with commentary of Jevon’s paradox.
 
Metadata
Title
Peak Oil
Author
S. W. Carmalt
Copyright Year
2017
Book
The Economics of Oil

Print ISBN: 978-3-319-47817-3

Electronic ISBN: 978-3-319-47819-7

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-47819-7_4