The Shale Revolution
This technique combines horizontal drilling and hydraulic fracturing to extract oil from rock formations.
What is fracking?
This Middle Eastern Gulf kingdom has traditionally acted as the oil market's 'swing producer'
What is Saudi Arabia?
Oil's share of world energy consumption has fallen from 48.7% in 1973 to this percentage in 2016
What is 33.3 percent?
This economist's rule states that exhaustible resource prices should grow at the interest rate
Who is Hotelling?
This US president announced the doctrine that Middle Eastern oil flow would be protected 'by any means necessary'
Who is Jimmy Carter?
This country experienced the shale revolution first, becoming the world's largest gas producer by 2009.
What is the United States?
In this month and year, OPEC made the epochal decision to 'let the market work' rather than cut production
What is November 2014?
This transportation innovation threatens oil demand more than any other technology
What are electric vehicles (EVs)?
This Asian country is the only major oil producer that successfully diversified its economy between 1980-2005
What is Malaysia?
President Obama announced this strategic 'pivot' in 2011, shifting focus from the Middle East
What is the pivot to Asia?
Shale oil wells typically decline by this percentage in the first year, compared to 6% for conventional wells.
What is 60 percent?
This term describes OPEC's ability to bring production online within 30 days and sustain it for 90 days
What is spare capacity?
According to climate scenarios, this percentage of global oil reserves must remain unburned to limit warming to 2°C
What is 30 percent?
Saudi Arabia's oil rents comprised this percentage of GDP during 2012-2015
What is 37 percent?
This global cartel of seven oil companies dominated the industry from 1928 to the 1960s
What are the Seven Sisters?
This unique US system, where subsurface rights are privately owned, enabled rapid shale development.
What is the mineral ownership system?
Saudi Arabia announced this ambitious economic transformation plan in 2016 to reduce oil dependence
What is Vision 2030?
These two countries account for 80% of projected incremental oil demand growth
What are China and India?
This economist's rule states that subsoil assets should be transformed into reproducible capital to preserve consumption
Who is Hartwick?
China is pursuing leadership in clean energy through this infrastructure initiative involving undersea transmission cables
What is the global supergrid?
By July 2018, US oil production reached this record level in millions of barrels per day
What is 11 million barrels per day?
According to the readings, OPEC can only address these types of market imbalances, not long-term structural ones
What are short-term aberrations?
This paradoxical concept suggests that climate policies might accelerate extraction as producers rush to sell before demand peaks
What is the green paradox?
Assets that cannot be recovered due to reduced demand or prices are called this
What are stranded assets?
According to this economist, control of global energy resources is essential for exercising power in international political economy
Who is Susan Strange