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A Smart Energy PolicyAn Economist's Rx for Balancing Cheap, Clean, and Secure Energy$
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James M. Griffin

Print publication date: 2009

Print ISBN-13: 9780300149852

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300149852.001.0001

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Oil Security in an Increasingly Insecure World

Oil Security in an Increasingly Insecure World

(p.71) Chapter 3 Oil Security in an Increasingly Insecure World
A Smart Energy Policy

James M. Griffin

Yale University Press

This chapter outlines the concern for oil security as there has been a curious resurgence of petro-nationalism, with key consuming countries such as China attempting to forge bilateral trade agreements to be assured of future oil supplies. Even with an omniscient foreign policy, there are very real constraints on the ability of the United States or any external power to stabilize the Middle East. In the absence of government intervention to control prices, a causal chain runs from an oil disruption to an oil price spike and then to a reduction in economic output. Failing to comprehend the implications of a single integrated world oil market and the expandability of oil supplies and oil substitutes, policymakers continue to adopt petro-nationalist policies. It is imperative that policymakers come to view markets and globalization as allies, rather than as enemies, in the struggle for energy security.

Keywords:   oil security, petro-nationalism, oil supplies, oil price, oil market, policymakers

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