By Steve A. Yetiv
The decade has visible a far-reaching revolution within the oil undefined, either within the US and globally. by means of a few measures, the USA is on velocity to develop into the worlds largest oil manufacturer, an final result that used to be not possible quite a few years in the past. yet what does this shift particularly suggest for American and international security?
In Myths of the Oil growth, Steve A. Yetiv, an award-winning professional at the geopolitics of oil, takes inventory of our new period of heightened petroleum construction and units out to demolish either the outdated myths and misconceptions approximately oil and the recent ones which are fast proliferating. As he explains, elevated construction within the US won't result in an enormous relief in long run oil costs, no matter if it has contributed to their precipitous fall within the brief run. the United States won't interfere much less within the Persian Gulf simply because it truly is generating extra oil locally. Saudi Arabia is much less keen or capable of play international gasoline pump to the realm economic system than some time past. construction an electrical motor vehicle doesn't suggest that buyers will purchase in, yet nor is it actual wide shift towards green automobiles can have little or no impression on greenhouse fuel emissions. most significantly, elevating the extent of family construction won't ever clear up Americas power and strategic difficulties, and it will possibly actually aggravate weather swap except it's observed via a major nationwide and worldwide technique to reduce oil intake. whereas Yetiv takes on those and several misconceptions during this panoramic account, this isn't simply an workout in myth-busting its additionally a complete review of the worldwide geopolitics of oil and Americas strength destiny, cross-cutting a few of the largest monetary and safety matters in global affairs.
Accessibly written and sharply argued, Myths of the Oil increase will reframe our realizing of the main politicized commodity on this planet.
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Extra resources for Myths of the Oil Boom American National Security in a Global Energy Market
This inquiry extends into the question of Saudi Arabia’s role in the Organization of Petroleum Exporting Countries (OPEC). Chapter 2 examined factors that have pushed Riyadh to tolerate and even encourage lower oil prices in mid- to late 2014, contrary to its historical tendency. But what is it likely to do about much higher oil prices? Oil prices may stay down for some time, but what happens when they bounce back? ” A number of factors suggest a Saudi shift away from being a dove. These factors militate against Riyadh’s ability to sustain its strategy shift of 2014, imply that Riyadh will be reluctant to temper oil prices when they bounce again, and may partly counter how effective the American oil boom can be in lowering longer run prices.
In the next chapter, I argue that Riyadh has probably become less of a dove in OPEC. For economic, political, and strategic reasons, a dove usually attempts to prevent oil prices from rising too high, while hawks like Iran and Venezuela prefer higher oil prices than do the doves. But have the Saudis also shifted away from being the world’s swing producer, which uses its oil capability to check that prices neither rise too high nor fall too low? That would represent an entire paradigm shift in Saudi behavior, with enormous implications for global oil policy and the international economy.
38 That would not be an unfamiliar refrain, as OPEC continued to consider its strategy. On July 18, 2000, for instance, Iranian Oil Minister Bijan Zanganeh stated that the Clinton administration was, in fact, “trying to force the OPEC into increasing its production” for its own narrow, national interests, 39 the type of comment that Iran would repeat many times thereafter. 44 However, by 2007–2008, American inluence appeared to have waned when oil prices skyrocketed from $50 to over $145 per barrel.