Oxford Review of Economic Policy volume 27, issue 1, P68-91 2011 DOI: 10.1093/oxrep/grr003 View full text
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D. Helm

Abstract: Energy policy has frequently been based upon assumptions about future oil prices. At the end of the 1970s it was assumed oil prices would continue to rise. Now a similar assumption pervades policy design. This article critiques the peak oil hypotheses which lie behind these forecasts and policy beliefs, and considers that, from a climate change perspective, the challenge is too much not too little fossil fuel reserves. The coming of shale gas, its fungibility with oil via the electrification of transport, alon…

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