Energy resources are abundant. Their actual future availability in the market depends on a variety of constraints: production shifting to smaller deposits in increasingly harsh environments; rising exploration, production and marketing costs; excessive environmental burdens; diminishing energy ratios; and ever more stringent environmental policy and regulation. Energy demand, high prices and associated investments, innovation and technology change tend to increase flow rates to the market. Geological or other natural constraints will not impede the availability of energy resources for socioeconomic development. Mobilising resources might be hampered by inertia, long decision and investment cycles, as well as market uncertainties stemming from both the supply and demand sides. Forward-looking and stable policies are required to avoid abrupt supply and price fluctuations, and to mobilise the necessary investments for a socially optimal, long-term pathway for using energy resources that will foster sustainable development.
KeywordsUnconventional Resource Exhaustible Resource Stringent Environmental Policy Conventional Reserve Supply Cost Curve
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