says that for certain types of finite resources (where there is uncertainty in the remaining amount), the market can result in a low price for the resource until at some point, there is a correction leading to a price spike. Is this the case for oil today? Is this theory accepted in academic economics?
Here is a related post:
But it seems to say that the decrease is due to cyclical factors (high price => more wells => high supply => low price => ... ), which is different than the above article.