Abstract: Exhaustible Energy resources are an important guarantee of social sustainable economic development and national security. Considering influence factors, such as resources stock, technology progress, resource prices, costs, market structure, policy and so on, an integrated optimization model of each department is established to maximize revenue target of the productive sector and the energy supply sector, and to maximize utility of consumers, each variable rate is solved while the objective function achieving optimal at the same time, and the numerical simulation and sensitivity analysis are done. The results show: Technological progress is the key factor that affects the price and extraction growth rate of exhaustible and non-exhaustible energy resources; scale returns and inter-period substitution elasticity of the final productive sector influence the extraction growth rate of exhaustible and non-exhaustible energy resources; if scale returns of the final productive sector is unchanged, the extraction of exhaustible and non-exhaustible energy resources is unchanged. At last, policy recommendations in China are proposed: the technical progress should be broken through to regulate the price and extraction of energy resources. The scale return of the productive sector should beincreased in order to achieve energy saving targets. Within the next few years, the price of the exhaustible energy resources will continue to decline, the government should make a strategic plan in advance and allocate resources rationally, and promote the speed of transformation and upgrading in exhaustible energy resources enterprises.

Key words: exhaustible energy resource, uncertainty, the optimal extraction path, technical progress, price