A future scenario with oil prices dominated by ‘above-ground’ factors | FT Alphaville

Veteran economist and oil analyst Phil Verleger in his latest note has roundly criticised everyone who forecast in recent years that oil prices would keep rising forever; which he says includes just about everyone who has an opinion about oil prices.

He highlights the work of Morris Adelman, an MIT economist who’s little known these days — unjustly, according to Verleger:

Yet for years Morry was one of the most influential economists focusing on oil. His mistake was rejecting the consensus view that world resources were exhaustible while calling Harold Hotelling’s theories irrelevant. His views doomed him to temporary oblivion.

A future scenario with oil prices dominated by ‘above-ground’ factors | FT Alphaville