Abstract
In today’s world, 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.
Highlights
The overall economic growth of every country highly depends on its usage of renewable and nonrenewable energies; Energy is the lifeblood of modern industrial economies
Energy is one of the most important production factors, and has a remarkable effect on the increase of industrial production level. As it could be seen from figure 1, there is a significant and meaningful relationship between energy consumption and economic development; that is, energy is significant in explaining GDP, and restrictions in energy supply might affect the economic growth (Stern, 1993& 2000; Hondroyiannis, Lolos and Papapetrou, 2002; Ghali and El-Sakka, 2004; Oh and Lee, 2004; Paula and Bhattacharya, 2004; Lee, 2005; Lee and Chang, 2005 & 2008; Narayan and Smyth, 2008)
Based on annual surveys performed by energy-related companies, fossil fuels as fossil fuel resources will remain the dominant source of energy supply to 2030 (World Energy Outlook, 2006; World Oil Outlook, 2008)
Summary
The overall economic growth of every country highly depends on its usage of renewable and nonrenewable energies; Energy is the lifeblood of modern industrial economies. Decision makers must use transparent, holistic and practical tools to gain better understanding of these systems They should analyze long term issues and examine various and possible assumptions and scenarios, and subsequently, adopt some effective policies and strategies. As a powerful methodology and computer-aided simulation modeling technique, system dynamics has the ability to take feedback loops, delays, effective factors, and their interactions into consideration and mix them deliberately with on hand experiences and data about the system. It can, play an effective role in the analysis of energy-related issues.
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