The Oil Drum | Speaking of bumpy plateaus

Speaking of bumpy plateaus

Posted by Stuart Staniford on February 15, 2006 - 9:30pm
Topic: Supply/Production
Tags: exxon, hubbert peak, oil prices, peak oil [list all tags]

Exxon average daily oil production, by year, 1997-2005. Click to enlarge. Believed to be all liquids. Source: Exxon annual reports and new press release for 2005 production. Hat tip to Southsider1.

Anyone care to estimate the price elasticity of oil supply from this time series? Let's see, if you double or triple the price, and supply doesn't change at all, 0/N = 0. At least as perceived by Exxon, oil supply appears to be completely inelastic - no response to price whatsoever.

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