THE HUBBERT CURVE AND INSTITUTIONAL CHANGES: HOW REGULATIONS IN ALASKA CREATED A U.S. MULTI-CYCLE HUBBERT CURVE.

The article focuses on oil production trend Hubbert multi-cycle and the institutional changes that affects the trend in the U.S. It notes that the delays in Alaskan oil output had changed the pattern of the U.S. oil production. It states that these specific institutional changes surrounding environmental laws for the Trans-Alaska oil pipeline seemed to be the cause for a total U.S. oil production Hubbert curve trend. Furthermore, institutional changes cannot be forecasted easily making it almost difficult to forecast oil output trends. Accordingly, a simplified Hubbert curve model was used to show the characteristics of oil supply while the U.S. oil production data was used to explain how institutional changes can cause Hubbert curve discontinuities.