Understanding Fossil Fuel Resources Allocation Analysis: a System Dynamics approach

Abstract

Fossil fuel resources are still the main source for energy supply. Many attempts have been done in order to develop alternative sources of energy, since fossil fuel resources are limited and will be depleted soon or late. Despite these efforts, as international energy organizations declare, fossil fuel resources have the largest share in the world’s energy supply. Therefore, the study of exploration, production, and exploitation dynamics of these resources, have been considered a significant topic for many researchers. System dynamics, which is an appropriate method for dynamic studies and policy analysis, has been used as one of the most impressive methodologies in systemic research and application in this area. Besides the illustration of the role of system dynamics in fossil fuel resources analysis, this paper reviews the pioneering system dynamics models in this field. The results of this work would be helpful for researchers who are interested in the dynamic studies of fossil fuel resources’ systems.