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Thursday, January 11, 2007

Peak oil?

The Energy Information Agency has released its update on proven world oil reserves by country (Excel file here). It is interesting how the world total continues to increase even as demand continues to increase. Not being a resource economist, per se, I am not sure what is going on - technological advancement making it easier to detect oil reserves, or the ability to squeeze oil from shale, etc. changes the amount of reserves? The "peak oil" crowd might be right this time, but if another gap-up in world reserves occurs, what then?

STATA data file

I'd like to see this plotted against energy consumption. I think we'd see a changing pattern over the last few years.
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