Book Review: Oil Titans: National Oil Companies in the Middle East by Valerie Marcel
Abstract
The field of economics is littered with
numerous myths about energy, particularly
about oil. At the top of the list is the notion
of impending scarcity: because the earth's
reserves are finite, they will be exhausted at
some point in the future. In reality, if and
when the growth of oil consumption seriously
depletes reserves, the cost of extracting
oil will have risen to such a high level
that non-fossil energy sources will be used
in preference to oil and other remaining fossil
fuels - Europe's vast deposits of coal are
currently lying dormant for this very reason...
Description
Book review by Robert Looney on the book Oil Titans: National Oil Companies in the
Middle East, by Valerie Marcel.