Year-end Sale % OFF 
Abstract
Oil carries external costs which increase with depletion. In conventional visions for the next 20 years, oil supply will exceed demand in the premium market for transport fuel; competition between producers will drive capacity expansion (though with a risk of investment cycles); and natural gas will limit growth in oil demand and price. The politics of the climate, of transport, and of power supply, now rank with OPEC as key political factors affecting oil. Energy security has become more important to exporters than importers. Producers are threatened by the possibility that economically available oil will be left in the ground.
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