This time it's different: An inevitable decline in world petroleum production will keep oil product prices high, causing military conflicts and shifting wealth and power from democracies to authoritarian regimes

Frederic Leder and Judith N. Shapiro

Energy Policy, 2008, vol. 36, issue 8, 2840-2842

Abstract: There is virtual agreement among geologists that world production of conventional oil will peak at some point in the future. Oil, after all, is a finite resource, while demand will only grow over time. Geologists disagree, however, exactly when the peak will occur. Using data from the International Energy Agency, the US Department of Energy, the Association for the Study of Peak Oil and Gas, and petroleum industry sources, we argue that conventional oil production will reach a worldwide maximum within the next 5-10 years, earlier than generally estimated, thus leaving a very short time frame within which to plan for conversion to alternative sources of energy. Unless planning is initiated immediately, the United States and other Western democracies will see their positions in the global economy undercut as military conflicts over limited energy resources increase, and wealth and power are shifted to authoritarian regimes in Russia, Venezuela, Africa and the Middle East.

Date: 2008
References: View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0301-4215(08)00197-3
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:36:y:2008:i:8:p:2840-2842

Access Statistics for this article

Energy Policy is currently edited by N. France

More articles in Energy Policy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().