What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
First published in:
An approach combining decline-curve and price analysis is used to model US oil production over the period 1968–1976. The decline curve characteristics of US oil production are captured with time series analysis. Regression analysis is then used to adjust the time series estimates in order to account for price changes. Significant but small price effects are shown to exist in the short run and policy implications of the analytical findings are explored.
Published in: Energy Economics, Volume 2, Issue 2, April 1980, Pages 111-114