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The "Hotelling rule" (HR) called to be "the fundamental principle of theeconomics of exhaustible resources" has a logical deficiency which was neverpaid a sufficient attention to. This deficiency should be taken into accountbefore attempting to explain discrepancies between the price predictionprovided by the HR and historically observed prices. Our analysis is focused onthe HR in its original form, we do not touch upon other aspects such as varyingextraction costs and other ways of upgrading the original model underlying theHotelling rule. We conclude that HR can not be derived from the simple modelsas it was claimed, therefore it should be understood as an assumption on itsown, and not as a rule derived from other more basic assumptions.

A note on the logical inconsistency of the Hotelling Rule: A Revisit from the System's Analysis Perspective