Oil Panic and the Global Crisis: Predictions and Myths

Publishing company, John Wiley & Sons Ltd, added a new book to their collection entitled, “Oil Panic and the Global Crisis: Predictions and Myths.” The text addresses current predictions about the depletion of global oil from several standpoints, including science, history, and economics. The analysis aims to answer the question, “Is the world running out of oil?” in a manner that will appeal to any reader.

The alarm about the oil supply has been the source of current debates surrounding the eventual exhaustion of this particular non-renewable resource. While some experts see the depletion as a catastrophic disaster, others point out that the world has yet to run out of a globally traded non-renewable resource and that the panic over oil is unfounded. This book summarizes the key assumptions for both sides of the argument and then challenges them, forcing the reader to think critically about the global oil debate. For those of us who are unfamiliar with the facts and figures about oil production and consumption, a series of clear and simple graphics convey the basics of the global oil supply in a very accessible way.

The economics of resource utilization and end-user needs are balanced with the science behind oil production technology and efficiency to evaluate the way oil and other non-renewable resources have been treated in the past. A careful look at the historical trends can help shape our expectations surrounding oil dependence in the future.
The book begins with some background information about the oil era, the current state of the global oil economy, as well as an unbiased introduction into the oil depletion debate. The author then goes on to present and debunk six myths about the oil panic and global crisis predictions. Among these myths, you can find chapters titled, “A Decline in Production Necessarily Indicates Scarcity,” “After So Much Exploration, There Is Little Oil Left To Be Found,” and “There Are No Substitutes for Oil.”

Author Steven M. Gorelick, a long-standing professor in the School of Earth Sciences at Stanford University aims this particular book at a wide readership. It will appeal to undergraduates with interests in resource science or economics, but also to the casual reader who wants to better understand the political and academic debate over global oil resources.