{"product_id":"oil-panic-and-the-global-crisis-isbn-9781405195485","title":"Oil Panic and the Global Crisis","description":"Is the world running out of oil? This book analyzes predictions of global oil depletion in the context of science, history, and economics.  \u003cp\u003eThere has been continuing alarm about the imminent exhaustion of earth's non-renewable resources. Yet, the world has never run out of any significant, globally traded, non-renewable resource. Is the world finally facing a non-renewable resource depletion catastrophe, or is the current concern just another one of a succession of panics? In this book, key assumptions and underlying arguments in the global oil-depletion debate are first summarized and then challenged. Facts about oil supply, production, and consumption are made accessible using concise and simple graphics.\u003c\/p\u003e \u003cp\u003eConcepts of resource depletion, end-use needs, technology leap-frogging, efficiency, and substitution are used to evaluate historical patterns of exploitation of non-renewable resources and to explore what history suggests about our future dependence on oil.\u003c\/p\u003e \u003cp\u003eThis book is aimed at a broad range of readers,from undergraduate students studying resource science and economics to anyone interested in understanding the context of the controversy over global oil depletion.\u003c\/p\u003e \u003cp\u003e\"It is a book serious students of the world oil market should read, not because Gorelick has all the answers but because his account is well reasoned, well informed, and argued honestly, with respect for responsible opposing viewpoints.\"\u003cbr\u003e \u003ci\u003eBook Review, Science, May 2010\u003c\/i\u003e\u003c\/p\u003e  \u003ci\u003ePreface\u003c\/i\u003e ix  \u003cp\u003e\u003ci\u003eAcknowledgments\u003c\/i\u003e x\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAbout Units\u003c\/i\u003e xi\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGetting Started: What Do You Think?\u003c\/i\u003e xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 End of the Oil Era\u003c\/b\u003e 1\u003c\/p\u003e \u003cp\u003eCause for Concern 1\u003c\/p\u003e \u003cp\u003eHubbert's Curve 4\u003c\/p\u003e \u003cp\u003eThe Appeal of Hubbert's Curve 10\u003c\/p\u003e \u003cp\u003eHubbert's Success 11\u003c\/p\u003e \u003cp\u003eUS Oil Dependence Since Peak Production 12\u003c\/p\u003e \u003cp\u003eChapters Ahead 13\u003c\/p\u003e \u003cp\u003eNotes and References 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Global Oil Landscape\u003c\/b\u003e 16\u003c\/p\u003e \u003cp\u003eIntroduction 16\u003c\/p\u003e \u003cp\u003eDefi nitions 17\u003c\/p\u003e \u003cp\u003ePetroleum Composition and Energy Density 18\u003c\/p\u003e \u003cp\u003eWhy a Barrel Is a bbl 20\u003c\/p\u003e \u003cp\u003eThe Oil Business 20\u003c\/p\u003e \u003cp\u003eOPEC 23\u003c\/p\u003e \u003cp\u003eHow Much Oil Is There? The USGS Assessment 26\u003c\/p\u003e \u003cp\u003eFrom the USGS Assessment to 2009 29\u003c\/p\u003e \u003cp\u003eReserves 31\u003c\/p\u003e \u003cp\u003eWhere Is Oil Produced? 32\u003c\/p\u003e \u003cp\u003eWhere Is Oil Consumed? 33\u003c\/p\u003e \u003cp\u003eOil Imports 35\u003c\/p\u003e \u003cp\u003eAfter Oil Is Produced 37\u003c\/p\u003e \u003cp\u003eOil Production Versus Consumption 38\u003c\/p\u003e \u003cp\u003eOil Quality 40\u003c\/p\u003e \u003cp\u003eOil Pricing by Quality 40\u003c\/p\u003e \u003cp\u003eGasoline 41\u003c\/p\u003e \u003cp\u003eWhat Determines the Price of Gasoline at the Pump? 41\u003c\/p\u003e \u003cp\u003eThe Price of Gasoline 44\u003c\/p\u003e \u003cp\u003eGasoline Price Elasticity: What Happens When the Price Goes Up (or Down)? 45\u003c\/p\u003e \u003cp\u003eGasoline Price Variability 47\u003c\/p\u003e \u003cp\u003ePoints to Take Away 49\u003c\/p\u003e \u003cp\u003eNotes and References 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Historical Resource Depletion Debate\u003c\/b\u003e 58\u003c\/p\u003e \u003cp\u003eThe Malthusian Doctrine 58\u003c\/p\u003e \u003cp\u003eThe Limits to Growth 59\u003c\/p\u003e \u003cp\u003eThe Oil Panics of 1916 and 1918 62\u003c\/p\u003e \u003cp\u003ePanic Revisited: The Oil Crisis of the 1970s 63\u003c\/p\u003e \u003cp\u003eArguments Supporting Global Oil Depletion 65\u003c\/p\u003e \u003cp\u003eDeclining Oil Production in Countries in Addition to That in the US 65\u003c\/p\u003e \u003cp\u003eProduction Exceeds Discoveries 66\u003c\/p\u003e \u003cp\u003eReserve and Endowment Estimates are Inflated 67\u003c\/p\u003e \u003cp\u003eIndustry Exaggeration of Reserves 69\u003c\/p\u003e \u003cp\u003eFewer Giant Fields Discovered and Production is Declining 70\u003c\/p\u003e \u003cp\u003eDecline in Discovery and Oil Drilling Suggests Onset of Production Decline 72\u003c\/p\u003e \u003cp\u003eGlobal Industrial Development and Oil Consumption 74\u003c\/p\u003e \u003cp\u003eThe Price of Oil is Increasing: Does This Indicate Scarcity? 77\u003c\/p\u003e \u003cp\u003eForecasts Support a Decline in Global Production Using Extensions to Hubbert's Approach 80\u003c\/p\u003e \u003cp\u003eSummary 81\u003c\/p\u003e \u003cp\u003eNotes and References 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Counter-Arguments to Imminent Global Oil Depletion\u003c\/b\u003e 87\u003c\/p\u003e \u003cp\u003eMyth I: Hubbert's Predicted Production Rates Were Accurate 87\u003c\/p\u003e \u003cp\u003eUS Oil Production 88\u003c\/p\u003e \u003cp\u003eThe Bell-Shaped Curve 93\u003c\/p\u003e \u003cp\u003eUS Natural Gas Production 95\u003c\/p\u003e \u003cp\u003eGlobal Oil Production 95\u003c\/p\u003e \u003cp\u003eMyth II: A Decline in Production Necessarily Indicates Scarcity 98\u003c\/p\u003e \u003cp\u003eCommodity Scarcity 98\u003c\/p\u003e \u003cp\u003eGeneralizing the Debate: Resource Economists versus Neo-Malthusians 103\u003c\/p\u003e \u003cp\u003eBack to Oil 110\u003c\/p\u003e \u003cp\u003eScarcity Rent 116\u003c\/p\u003e \u003cp\u003eMyth III: Resource Assessments Provide Useful Endowment Estimates 118\u003c\/p\u003e \u003cp\u003eThe Missing Mass Balance 123\u003c\/p\u003e \u003cp\u003eCounter-Argument to OPEC and Industry Exaggeration of Reserves 124\u003c\/p\u003e \u003cp\u003eMyth IV: After So Much Exploration, There Is Little Oil Left To Be Found 126\u003c\/p\u003e \u003cp\u003eUS Oil: Reserves 126\u003c\/p\u003e \u003cp\u003eUS Oil: Discoveries 128\u003c\/p\u003e \u003cp\u003eGlobal Oil: Reserves 132\u003c\/p\u003e \u003cp\u003eGlobal Oil: Discoveries 138\u003c\/p\u003e \u003cp\u003eRussian and Global Arctic Oil 144\u003c\/p\u003e \u003cp\u003eMyth V: The World Cannot Afford Increases in Oil Use as Developing Nations Demand More Oil 146\u003c\/p\u003e \u003cp\u003eFuture Demand of Developing Nations 146\u003c\/p\u003e \u003cp\u003eOil Expenditures in the World Economy 153\u003c\/p\u003e \u003cp\u003eMyth VI: There Are No Substitutes for Oil 156\u003c\/p\u003e \u003cp\u003eThe Gold Resource Pyramid 156\u003c\/p\u003e \u003cp\u003eThe Oil Resource Pyramid 160\u003c\/p\u003e \u003cp\u003eThe US and Global Oil Resource Pyramids 161\u003c\/p\u003e \u003cp\u003eThree Unconventional Oil Substitutes 165\u003c\/p\u003e \u003cp\u003eUS heavy oil 165\u003c\/p\u003e \u003cp\u003eGlobal heavy oil 166\u003c\/p\u003e \u003cp\u003eUS oil sands 168\u003c\/p\u003e \u003cp\u003eGlobal oil sands 168\u003c\/p\u003e \u003cp\u003eUS oil shale 170\u003c\/p\u003e \u003cp\u003eGlobal oil shale 172\u003c\/p\u003e \u003cp\u003eFossil Fuel Conversion: The Role of Gas and Coal 173\u003c\/p\u003e \u003cp\u003eThe Importance of Diesel 175\u003c\/p\u003e \u003cp\u003eSynthetic Fuel from Coal and Natural Gas 175\u003c\/p\u003e \u003cp\u003eNatural Gas Resources 177\u003c\/p\u003e \u003cp\u003eCoal Resources 180\u003c\/p\u003e \u003cp\u003eChapter Summary 181\u003c\/p\u003e \u003cp\u003eNotes and References 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Beyond Panic\u003c\/b\u003e 195\u003c\/p\u003e \u003cp\u003eThe Non-Renewable Resource Model 195\u003c\/p\u003e \u003cp\u003eWhere Is an Effi ciency Gain Possible? 196\u003c\/p\u003e \u003cp\u003eWill Increases in Effi ciency Indeed Reduce Demand? 199\u003c\/p\u003e \u003cp\u003eTwo scenarios for developing nations 204\u003c\/p\u003e \u003cp\u003eWhat Might Ultimately Substitute for Oil? 207\u003c\/p\u003e \u003cp\u003eConsideration 1: Cost of dependence on imported oil 208\u003c\/p\u003e \u003cp\u003eConsideration 2: Gasoline and atmospheric carbon dioxide emissions 209\u003c\/p\u003e \u003cp\u003eConsideration 3: Alternatives 210\u003c\/p\u003e \u003cp\u003eEthanol 211\u003c\/p\u003e \u003cp\u003eBiodiesel 212\u003c\/p\u003e \u003cp\u003eLeapfrogging to an ultimate substitute 213\u003c\/p\u003e \u003cp\u003eEffects of a US move to oil alternatives 215\u003c\/p\u003e \u003cp\u003eThe State of Oil Resources 219\u003c\/p\u003e \u003cp\u003eEnding Thoughts 221\u003c\/p\u003e \u003cp\u003eNotes and References 225\u003c\/p\u003e \u003cp\u003e\u003ci\u003eIndex\u003c\/i\u003e 231\u003c\/p\u003e  \"He writes so from a position of strength having spent years analysing industry data and I find it difficult not to be swayed by the force of his honest arguments.\" (Oilholics Synonymous Report, September 2010)\u003cbr\u003e \u003cbr\u003e  It is a book serious students of the world oil market should read, not because Gorelick has all the answers but because his account is well reasoned, well informed, and argued honestly, with respect for responsible opposing viewpoints.\" (\u003ci\u003eDavid Lloyd Greene, Science, May 2010)\u003c\/i\u003e   \u003cp\u003e\"The book is a refreshing and methodical expose´ of the most common myths about oil that many of us hold as truths. Gorelick weaves an intriguing story from what might have been a dreadfully boring, yet impressive collection of data and observations. It was a pleasure to read and learn from this book, which I highly recommend to experts and  non-experts alike, particularly our leaders in government.\" (\u003ci\u003eKenneth E. Peters, Geofluids, 2010)\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"In all my years as a journalist who has written on oil and  follows the crude markets closely, I feel this book is the most engaging, detailed and well written one that I have come across in its genre. I am happy to recommend it to commodities professionals, economists, students and just about anyone interested in reading up on the oil depletion debate.\" (\u003ci\u003eGaurav Sharma, Infrastructure Journal 2010)\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Professor Gorelick’s book is a valuable contribution to the debate about peak oil and could profitably be read by anybody requiring a pathway through the economic and political smokescreens which have grown up around the topic.\" (\u003ci\u003eGeo Expro, September 2010)\u003c\/i\u003e\u003c\/p\u003e \u003cb\u003eSteven M. Gorelick\u003c\/b\u003e holds the Cyrus Fisher Tolman Professorship in the School of Earth Sciences at Stanford University, where he has been on the faculty for over 20 years. In 2005, he was named a Guggenheim Fellow for his study of global oil depletion. Professor Gorelick is a Fellow of both the American Geophysical Union and Geological Society of America, and he has been selected twice as a Fulbright Senior Scholar (1997 and 2008) for studies of water resources issues in Australia. Is the world running out of oil?\" This book analyzes predictions of global oil depletion in the context of science, history, and economics. There has been continuing alarm about the imminent exhaustion of earth's non-renewable resources. Yet, the world has never run out of any significant, globally traded, non-renewable resource. Is the world finally facing a non-renewable resource depletion catastrophe, or is the current concern just another one of a succession of panics? In this book, key assumptions underlying arguments in the global oil-depletion debate are first summarized and then challenged. Facts about oil supply, production, and consumption are made accessible using concise and simple graphics. Concepts of resource depletion, end-use needs, technology leap-frogging, efficiency, and substitution are used to evaluate historical patterns of exploitation of non-renewable resources and to explore what history suggests about our future dependence on oil. This book is aimed at a broad range of readers,from undergraduate students studying resource science and economics to anyone interested in understanding the context of the controversy over global oil depletion.  \"The book is a refreshing and methodical expose´ of the most common myths about oil that many of us hold as truths. Gorelick weaves an intriguing story from what might have been a dreadfully boring, yet impressive collection of data and observations. It was a pleasure to read and learn from this book, which I highly recommend to experts and  non-experts alike, particularly our leaders in government.\"  \u003cp\u003e\u003ci\u003eKenneth E. Peters, Geofluids, 2010\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"It is a book serious students of the world oil market should read, not because Gorelick has all the answers but because his account is well reasoned, well informed, and argued honestly, with respect for responsible opposing viewpoints.\"\u003c\/p\u003e \u003cp\u003e\u003ci\u003eDavid Lloyd Greene, Science, May 2010\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"This is a wonderful book, not only full of information, but with the clear stamp of the patient teacher who above all wants his reader to understand.  I hope it makes its way into the halls of Congress.\"\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGarrison Sposito, Professor, Betty and Isaac Barshad Chair, Environmental Science, UC Berkeley\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Are we running out of oil or do we have plenty of this resource? Will\u003cbr\u003e the oil age end before we run out of oil? Have we reached the maximum\u003cbr\u003e daily production rate of oil or are we already on the down slide?\u003cbr\u003e Professor Gorelick has compiled the necessary data and provided his own\u003cbr\u003e incisive analysis to assist the reader in understanding the complex\u003cbr\u003e issues related to the supply and demand hydrocarbons. A must read for an understanding of both the domestic and global energy picture.\"\u003cbr\u003e \u003ci\u003eProfessor Khalid Aziz, Department of Energy Resources Engineering at Stanford\u003c\/i\u003e\u003cbr\u003e \u003cbr\u003e \"The dynamics around oil have shaped our lives for many decades and will do so for many decades to come. Surprisingly, many misconceptions exist around the extent and availability of this fundamental resource. This\u003cbr\u003e book is a lucid compilation of facts which is a must-read for anyone\u003cbr\u003e interested in energy and the environment.\"\u003cbr\u003e \u003ci\u003eAshok Belani, Chief Technology Officer of Schlumberger Limited\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e ”It is a pleasure to read an informed, balanced, and lively account of the prospect of meeting the world's need for oil in coming years. A combination of sound economics, attention to history's lessons, and political leadership offer the way forward. Read this book and decide what you should do.\"\u003cbr\u003e \u003ci\u003eJohn Deutch, Institute Professor, Massachusetts Institute of Technology, former Director of Central Intelligence.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“A very readable statistical history of global oil depletion that frames and illuminates the century-old debate about “peak oil” or the “end of oil.” A suitable text for introductory resource economics or for the general reader with a love for facts and detail.”\u003cbr\u003e \u003ci\u003eSylvio J Faim, Los Alamos National Laboratory\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989711044837,"sku":"NP9781405195485","price":73.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405195485.jpg?v=1761785202","url":"https:\/\/k12savings.com\/products\/oil-panic-and-the-global-crisis-isbn-9781405195485","provider":"K12savings","version":"1.0","type":"link"}