It takes the average reader and 33 minutes to read The Future of Oil by Ms. Marcelle Chauvet
Assuming a reading speed of 250 words per minute. Learn more
We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The geological view expects that physical constraints will dominate the future evolution of oil output and prices. It is supported by the fact that world oil production has plateaued since 2005 despite historically high prices, and that spare capacity has been near historic lows. The technological view of oil expects that higher oil prices must eventually have a decisive effect on oil output, by encouraging technological solutions. It is supported by the fact that high prices have, since 2003, led to upward revisions in production forecasts based on a purely geological view. We present a nonlinear econometric model of the world oil market that encompasses both views. The model performs far better than existing empirical models in forecasting oil prices and oil output out of sample. Its point forecast is for a near doubling of the real price of oil over the coming decade. The error bands are wide, and reflect sharply differing judgments on ultimately recoverable reserves, and on future price elasticities of oil demand and supply.
The Future of Oil by Ms. Marcelle Chauvet is 33 pages long, and a total of 8,349 words.
This makes it 11% the length of the average book. It also has 10% more words than the average book.
The average oral reading speed is 183 words per minute. This means it takes and 45 minutes to read The Future of Oil aloud.
The Future of Oil is suitable for students ages 8 and up.
Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.
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