In this paper, the authors first present and discuss the basic logic underlying all neoclassical economic theories of “optimal” energy supply - maximization of the present value of some stream of economic returns. They then discuss how the economic theory of optimal resource depletion has evolved since Hotelling’s classic 1931 article.
Link
http://econpapers.repec.org/scripts/redir.pl?u=http%3A%2F%2Fwww.rff.org%2Fdocuments%2FRFF-DP-03-01.pdf;h=repec:rff:dpaper:dp-03-01