(DOWNLOAD) "Economic Scarcity: Forget Geology, Beware Monopoly." by Harvard International Review # Book PDF Kindle ePub Free

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Title: Economic Scarcity: Forget Geology, Beware Monopoly.
Author : Harvard International Review
Release Date : January 22, 1997
Genre: Business & Personal Finance,Books,
Pages : * pages
Size : 253 KB

Description

David L. Greene is a Senior Research Staff Member at the Oak Ridge National Laboratory. Scarcity of oil poses a genuine threat to US energy security. At the same time, the world economy is in no danger of "running out of oil" during the next century. This apparent paradox has important implications for US energy security. The scarcity threatening US energy security today is an economic, rather than a physical or geologic, scarcity. Economic scarcity does depend on geology, but it can also be created by anticompetitive (monopolistic) behavior or may temporarily result from any of a variety of shocks to the world's oil producing regions. The inability of oil markets to adjust rapidly to sudden changes in supply enables supply shocks, whether deliberate or inadvertent, to produce enormous increases in oil prices and, consequently, immense profits for oil producers together with massive losses for oil consumers. It is the economy's susceptibility to sudden, massive economic losses that makes oil a serious energy security problem for the United States.