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Oil Panic and the Global Crisis: Predictions and Myths

Oil Panic and the Global Crisis: Predictions and Myths Oil Panic and the Global Crisis: Predictions and Myths , edited by Steven M. Gorelick . Published by Wiley‐Blackwell , 2010 , ISBN 9781405195485 . Before reading this book, my knowledge of the issues around the peak oil was not great. I knew of the concept, of course, and understood the predicted consequences, but I had not read any of the arguments about the validity and usefulness of the idea. Steve Gorelick, a hydrogeologist from Stanford University, has fixed that. This highly readable and interesting book presents both sides of a complex and important debate. The central concept at issue is the idea, originally proposed by M. King Hubbert, that oil production over time is destined to follow a particular pattern. He predicted that it would take the shape of a classic bell‐shaped curve (a normal distribution or logistic function), rising to a peak, turning over and then falling away to nothing. He predicted that the bell would be symmetrical, falling in the same pattern as it had previously risen. After setting the scene in Chapter 1 by describing Hubbert’s idea, its appeal and its initial predictive success, Gorelick puts it aside in Chapter 2 while he provides http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

Oil Panic and the Global Crisis: Predictions and Myths

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Publisher
Wiley
Copyright
Copyright © 2011 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.2011.00539.x
Publisher site
See Article on Publisher Site

Abstract

Oil Panic and the Global Crisis: Predictions and Myths , edited by Steven M. Gorelick . Published by Wiley‐Blackwell , 2010 , ISBN 9781405195485 . Before reading this book, my knowledge of the issues around the peak oil was not great. I knew of the concept, of course, and understood the predicted consequences, but I had not read any of the arguments about the validity and usefulness of the idea. Steve Gorelick, a hydrogeologist from Stanford University, has fixed that. This highly readable and interesting book presents both sides of a complex and important debate. The central concept at issue is the idea, originally proposed by M. King Hubbert, that oil production over time is destined to follow a particular pattern. He predicted that it would take the shape of a classic bell‐shaped curve (a normal distribution or logistic function), rising to a peak, turning over and then falling away to nothing. He predicted that the bell would be symmetrical, falling in the same pattern as it had previously risen. After setting the scene in Chapter 1 by describing Hubbert’s idea, its appeal and its initial predictive success, Gorelick puts it aside in Chapter 2 while he provides

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Apr 1, 2011

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