Oil Policies Oil Myths

The Organisation of Petroleum Exporting Countries, commonly known as OPEC, has been a notoriously opaque and mysterious organization. In this book, Fadil J. Chalabi, an insider who spent many years at the heart of the organization as Iraq's permanent undersecretary for oil, invites us to discover the intrigue and arguments that have shaped OPEC policy since its inception in 1960. The author interweaves his analysis with first-hand experiences that give authenticity to momentous events, including the infamous 1975 Vienna hostage-taking when Carlos the Jackal kidnapped a number of OPEC ministers, including the author. From the time of Egypt under Nasser, Gaddafi's Libya, Saddam's Iraq and Khomeini's Iranian revolution, Chalabi uses his unique position and his unparallelled insider knowledge to illuminate an organization that has, at times, been accused of fomenting economic turmoil, political unrest and even military action. Benefiting from the perspective of an insider who understands the inner workings of OPEC and its dramatic impact on world politics and economics, this book is an essential read for those who wish to look beyond the myths of this highly influential and at times controversial organization.

Examines the myths of unfair oil prices, Israel and oil, obscene corporate profits, divestiture, international energy agency, and OPEC cohesion and provides specific recommendations for a sound energy policy.

"The last decade has seen a far-reaching revolution in the oil industry, both in the US and globally. By some measures, America is on pace to become the world's biggest oil producer in the next decade, an outcome that was inconceivable just a few years ago. But does this shift mean that the US will no longer be beholden to foreign autocrats? That prices will go down for consumers? That the global oil supply is less susceptible to shocks? In The American Oil Boom, Steve A. Yetiv, an award-winning expert on the geopolitics of oil, takes stock of our new era of heightened petroleum production and sets out to demolish both the old myths and misconceptions about oil as well as the new ones that are quickly proliferating. As he explains, increased production in the US will not lead to a reduction in prices, in part because oil is globally traded and OPEC will defend against low prices. America will not intervene less in the Persian Gulf just because it is producing more oil domestically. Saudi Arabia is less willing or able to play global gas pump to the world economy than in the past. Building an electric car industry does not mean that consumers will buy in, but neither is it true that a broad shift toward eco-friendly cars will have very little impact on greenhouse gas emissions. Most importantly, raising the level of domestic production will never solve America's energy and strategic problems, and may even worsen climate change, unless it is accompanied by a serious national and global strategy to decrease oil consumption. These are just some of the myths that Yetiv takes on in this panoramic account. This is not just an exercise in myth-busting, however; it's also a comprehensive overview of the global geopolitics of oil and America's energy future, cross-cutting some of the biggest security and political issues in world affairs. Accessibly written and sharply argued, The American Oil Boom will reframe our understanding of the most politicized commodity in the world"--

Do countries fight wars for oil? Given the resource's exceptional military and economic importance, most people assume that states will do anything to obtain it. Challenging this conventional wisdom, The Oil Wars Myth reveals that countries do not launch major conflicts to acquire petroleum resources. Emily Meierding argues that the costs of foreign invasion, territorial occupation, international retaliation, and damage to oil company relations deter even the most powerful countries from initiating "classic oil wars." Examining a century of interstate violence, she demonstrates that, at most, countries have engaged in mild sparring to advance their petroleum ambitions. The Oil Wars Myth elaborates on these findings by reassessing the presumed oil motives for many of the twentieth century's most prominent international conflicts: World War II, the two American Gulf wars, the Iran–Iraq War, the Falklands/Malvinas War, and the Chaco War. These case studies show that countries have consistently refrained from fighting for oil. Meierding also explains why oil war assumptions are so common, despite the lack of supporting evidence. Since classic oil wars exist at the intersection of need and greed—two popular explanations for resource grabs—they are unusually easy to believe in. The Oil Wars Myth will engage and inform anyone interested in oil, war, and the narratives that connect them.

A bracing corrective to the myths that have shaped economic, military, and diplomatic policy, dispelling our oil-soaked fantasies of dependence. There is a conventional wisdom about oil--that the U.S. military presence in the Persian Gulf is what guarantees access to this strategic resource; that the "special" relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia. Except, the conventional wisdom is wrong. Robert Vitalis debunks the myths to reveal "oilcraft," a line of magical thinking closer to witchcraft than statecraft. Oil is a commodity like any other: bought, sold, and subject to market forces. Thus, the first goal of this book is to expose the suspect fears of oil scarcity and conflict. The second goal is to investigate the significant geopolitical impact of these false beliefs. In particular, Vitalis shows how we can reconsider the question of the U.S.-Saudi special relationship, which confuses and traps many into unnecessarily accepting what they imagine is a devil's bargain. The House of Saud does many things for U.S. investors, firms, and government agencies, but guaranteeing the flow of oil, making it cheap, or stabilizing the price isn't one of them. Freeing ourselves from the spell of oilcraft won't be easy--but the benefits make it essential.

“A valuable addition to the new wave of critical studies on the history of oil and energy policy”—and a bracing corrective to longstanding myths (James M. Gustafson, Diplomatic History). Conventional wisdom tells us that the US military presence in the Persian Gulf is what guarantees American access to oil; that the “special” relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia. But the conventional wisdom is wrong. Robert Vitalis debunks the myths of “oilcraft”, a line of magical thinking closer to witchcraft than statecraft. Oil is a commodity like any other: bought, sold, and subject to market forces. Vitalis exposes the suspect fears of oil scarcity and investigates the geopolitical impact of these false beliefs. In particular, Vitalis shows how we can reconsider the question of the US-Saudi special relationship, which confuses and traps many into unnecessarily accepting what they imagine is a devil’s bargain. Freeing ourselves from the spell of oilcraft won’t be easy, but the benefits make it essential.

It is widely accepted that global discoveries of conventional oil have peaked and that the era of cheap oil has gone forever. This book demonstrates that the doom and gloom of the Peak Oil theory is mistaken. Clarke rebuts the arguments of Peak Oil's adherents and discusses the issues they ignore - rising crude oil prices, new or future technologies, potential improved exploration acreage and/or access to restricted world oil zones, changes in government policies, new corporate strategies, development in unconventional oils, and more.

Oil is the most vital resource of our time. Because it is so important, misperceptions about the black gold abound. Leonardo Maugeri clears the cobwebs by describing the colorful history of oil, and explaining the fundamentals of oil production. He delivers a unique, fascinating, and controversial perspective on the industry—as only an insider could. The history of the oil market has been marked, since its inception, by a succession of booms and busts, each one leading to a similar psychological climax and flawed political decisions. In a single generation, we've experienced the energy crisis of 1973; the dramatic oil countershock of 1986; the oil collapse of 1998-99 that gave rise to the idea of oil as just another commodity; and the sharp price increases following hurricane Katrina's devastation in the Gulf of Mexico. Today, we are experiencing a global oil boom that, paradoxically, seems to herald a gloomy era of scarcity exacerbated by growing consumption and the threat from Islamic terrorism in the oil-rich Middle East. Maugeri argues that the pessimists are wrong. In the second part of his book, he debunks the main myths surrounding oil in our times, addressing whether we are indeed running out of oil, and the real impact of Islamic radicalism on oil-rich regions. By translating many of the technical concepts of oil productions into terms the average reader can easily grasp, Maugeri answers our questions. Ultimately, he concludes that the wolf is not at the door. We are facing neither a problem of oil scarcity, nor an upcoming oil blackmail by forces hostile to the West. Only bad political decisions driven by a distorted view of current problems (and who is to blame for them) can doom us to a gloomy oil future.