Energy Prices and Resource Depletion: Lessons from the Case of Whaling in the Nineteenth Century

  title={Energy Prices and Resource Depletion: Lessons from the Case of Whaling in the Nineteenth Century},
  author={Ugo Bardi},
  journal={Energy Sources, Part B: Economics, Planning, and Policy},
  pages={297 - 304}
  • U. Bardi
  • Published 28 July 2007
  • Economics, Physics
  • Energy Sources, Part B: Economics, Planning, and Policy
Abstract The Hubbert model assumes that the worldwide production of crude oil will follow a bell-shaped curve. Oil prices are expected to increase, or even to spike up, at or after the production peak. However, the Hubbert model provides no description of price trends. We also lack historical data that can be used as a guide, since so far there have been no cases of a complete, worldwide depletion of a mineral resource. Nevertheless, historical examples of worldwide Hubbert-like behavior can be… 
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