『Abstract
　There is no fixed stock, only a flow into current inventory, i.e., reserves. Development outlay per added unit of reserves or capacity is also a proxy for finding cost and resource rent. Worldwide stability of development cost shows oil has not become more scarce since 1955. A simple development model explains observed value-price relations. The rate of interest has little net effect upon the optimal rate of reservoir depletion. Competitive mineral markets do not resemble monopolized markets. The 1970s expropriation of low-cost oil would under competition have increased depletion; monopoly curtailed it.』

The problem stated
　Inexhaustible resources, rising costs
　Failure of the rising-price paradigm
　A road map
Development cost, in-ground value, and finding cost
　The marginal equalities of hydrocarbon investment
　Equalizing marginal costs across deposits under diminishing returns
　Development creates reserves and capacity
　Development cost, in-ground value and finding cost
　Finding costs
　　(a) Offsets to diminishing returns
　　(b) The great unknown
　Development costs and in-ground values in the United States
　Worldwide development investment
Discount rate, depletion rate, postponement
　Development model for a reservoir or tranche
　The valuation of developed reserves
　Reserves as options
　Two corollaries in taxation and nationalization
　Assumption of an expected price change
　The gain or loss to postponement
Conclusions
References