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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, an outcome that was inconceivable just a few years ago. But what does this shift really mean for American and global security?
In Myths of the 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 and the new ones that are quickly proliferating. As he explains, increased production in the US will not lead to a major reduction in longer term oil prices, even if it has contributed to their precipitous fall in the short run. 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 it may in fact worsen climate change unless it is accompanied by a serious national and global strategy to decrease oil consumption. While Yetiv takes on these and a number of other misconceptions in this panoramic account, this is not just an exercise in myth-busting; it's also a comprehensive overview of the global geopolitics of oil and America's energy future, cross-cutting some of the biggest economic and security issues in world affairs.
Accessibly written and sharply argued, Myths of the Oil Boom will reframe our understanding of the most politicized commodity in the world.
- Sales Rank: #220751 in Books
- Published on: 2015-04-15
- Original language: English
- Number of items: 1
- Dimensions: 6.40" h x .90" w x 9.30" l, 1.06 pounds
- Binding: Hardcover
- 272 pages
Review
"Oil remains vital to global security. In this very readable book, Steve Yetiv dispels myths and provides a fascinating account both for analysts and for the general public." -- Joseph S. Nye, Jr, Harvard University Distinguished Service Professor, and author of Is the American Century Over?
"Steve Yetiv sets the record straight, exploding a number of misconceptions surrounding the politics and economics oil. In particular, he provides a well-timed corrective to exaggerated views about the potential contributions of the recent surge in U.S. oil output to national and international energy security. Along the way, the book offers a valuable primer on oil markets, the geopolitics of oil, and the true costs of oil dependence as well as the most promising approach for reducing oil insecurity." -- John Duffield, Professor of Political Science, Georgia State University
"An eye opening account of the impact of increased American oil production on international politics by one of America's foremost oil analysts. Neither a doomsayer nor a wild eyed optimist, Yetiv shows why and how changes in the supply of oil will directly affect American interests and world stability. A timely and invaluable work for anyone who wants to understand how oil shapes our lives."--Steven David, Professor of Political Science, Johns Hopkins University
"A superb book on the changing dynamics of U.S. and global energy security and politics-wonderfully researched and written-a must-read for those interested in security studies, American foreign-policy, and international political economy."--Patrick James, Dornsife Dean's Professor of International Relations, University of Southern California; former Vice President, International Studies Association
"An oil policy wonk's dream: a clear, detailed position paper presenting the factors affecting US energy security and future oil price stability. [Yetiv] loads his book with in-depth data and offers geopolitical scenarios encompassing sovereign countries, the world's major oil producing cartels and independent national producers. Yetiv makes the powerful argument that the best way to improve America's future oil price and supply security is to cut its reliance on oil. Richly sourced and featuring an extensive index, this dense work presents a sophisticated understanding of the true state of oil and its discontents."--getAbstract
"Richly sourced and featuring an extensive index...presents a sophisticated understanding of the true state of oil and its discontents." -- getAbstract
"Myths of the Oil Boom assumes a much welcomed long-term energy security focus. Yetiv acknowledges the benefits of the recent American oil boom but forcefully contends this is not enough to inoculate us from the vagaries of foreign oil...What we need then is a dramatic "moonshot program" to wean Americans off our addiction to petroleum...Yetiv tackles oil security comprehensively, then, deftly weaves primers on oil markets with broader discussion on the geopolitics of oil. Richly sourced but written for a general audience, the analysis highlights oil [as] one of the defining features of our age." -- Professor Michael Gunter, New York Journal of Books
"A fascinating scholarly treatise on the current US oil boom and its long-term effects on American and global national security."
--CHOICE
"Myths of the Oil Boom provides a comprehensive introduction to the problems related to the Age of Oil...Yetiv is convincing and exhaustive in arguing that international security will never be reached simply through more control over oil supplies, but requires a new quest: that of a different world energy paradigm." --H-Net Reviews
About the Author
Steve A. Yetiv is the Louis I. Jaffe Professor of International Relations at Old Dominion University. In addition to eight books, he has published over 250 editorials in papers including the New York Times, Washington Post, and Christian Science Monitor, and has appeared on CNN, CNBC, C-SPAN and NPR.
Most helpful customer reviews
3 of 4 people found the following review helpful.
Drilling More Not Enough, Long-Term Solutions Rely on Using Less
By mike gunter
"Yes, we are in the midst of an American oil boom, one that helps explain the precipitous decline in gasoline prices over the second half of 2014, as well as an only modest rebound so far in 2015. And yes, that boom, before it levels off around 2020, may well lead the U.S. to overtake the Saudis as the largest oil producer in the world by 2017, at least according to Fatih Birol, chief economist at the Paris-based International Energy Association.
Yet as professor Steve Yetiv, one of the America’s foremost oil analysts warns, this recent American oil boom is not the game changer some would have you believe. American national security still depends in large part upon the global energy market, one with inescapable ties to the Middle East.
In this light, Myths of the Oil Boom assumes a much welcomed long-term energy security focus. Yetiv acknowledges the benefits (as well as costs, i.e. groundwater contamination from fracking) of the recent American oil boom but forcefully contends this is not enough to inoculate us from the vagaries of foreign oil. Deep down, in their heart of hearts, even the most passionate advocates of the “drill, baby, drill” mantra know this, too. Truly long-term solutions to oil and accompanying insecurity rest in moving away from this precious commodity, not simply finding more of it domestically."
- See more at: http://www.nyjournalofbooks.com/book-review/myths-oil#sthash.LNbcKU1I.dpuf
1 of 1 people found the following review helpful.
Great book!
By franyathezoo
Great book. Yetiv is one of the best in explaining complicated material in a way that is understandable. He's an expert on the Middle East and oil, and this book is a treasure trove of information. It's also a great read!
2 of 3 people found the following review helpful.
Fracking not a long term solution to oil price, supply, and security problems
By Jerry Richardson
_Myths of the Oil Boom_ is an excellent and up to date treatment of oil supply and security issues. Yetiv takes stock of the effect the fracking revolution is likely to have on the short and long term price of oil and supply security. Fracking will help moderate oil prices for about five to ten years in Yetiv's estimation. The problem with peak oil is price and price swings. Oil will always be available if consumers are willing to pay enough.
Yetiv proposes that the US significantly reduce oil and gas use and an international program to reduce global oil and gas consumption. He argues for a revenue neutral gasoline tax in the US. He points out that there is no guarantee that higher CAFE standards will have the desired effect, and hybrid and electric cars will probably be cost prohibitive for many consumers.
He also points out that China is not exposed to the world price for oil like the US is. China makes co-production deals with many countries it imports oil from. China receives a share of oil from fields it invests in or develops in payment instead of cash. A rise in the world price of oil would hurt China substantially less than the US.
A book that I recommend reading after this is _Oil_ in the Polity Resource Series which goes into more detail on China and oil governance
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