Abstract
Lance Bachmeier of Kansas State University reviews “The Price of Oil,” by Roberto F. Aguilera and Marian Radetzki. The Econlit abstract of this book begins: “Examines the rise of global oil prices from 1970 to 2015, predicting that they will start to decline due to abundance, undisturbed availability, and suppressed price levels, and evaluates the implications of lower oil prices. Discusses observations and implications of the price of oil since the early 1970s; why OPEC and its behavior cannot explain oil's price performance; whether depletion and rising costs can explain the price developments; state ownership, government greed, and the slowdown of capacity expansion; the resource curse and capacity destruction; the shale revolution—US achievements to date and envisaged impacts on global energy markets; the longevity of US shale oil—whether it is just the beginning; the conventional oil revolution; environmental issues arising from the revolutions; whether the revolutions will spread globally; a substantial long-term price fall in store; the impact on macroeconomy and trade balances; climate policy with low oil prices; political repercussions; and lessons learned.”
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