Can technology provide the answer to future oil crises?
The 1970s saw a dramatic shift in world oil. Demand was catching up with available supply and the spare production capacity which had existed since the 1950s, was virtually over. As a result, the world was rapidly becoming more dependent on the Middle East and North Africa for its oil. The late 1960s and early 1970s were, for the most part, years of high economic growth for the industrialized nations and, some years, outright boom. This growth was fuelled by oil. World oil consumption which had doubled between 1950 and 1960 from 500 million tonnes to about 1 billion tonnes (Bt) respectively, doubled again between 1960 and 1970 to reach 2.8 Bt in 1973. The late 1960s and early 19170s were also the watershed for the domestic US oil industry. The United States ran out of spare capacity. In the period 1957-1963, US surplus capacity totalled 4 millim barrels per day (mbd). By 1970, only 1 mb of daily surplus capacity remained. That was the year too that the US oil production peaked at 11.3 mbd. From then on, it began its decline.
- Research Organization:
- International Association for Energy Economics, Cleveland, OH (United States)
- OSTI ID:
- 416329
- Report Number(s):
- CONF-9507139-; TRN: 96:006517-0024
- Resource Relation:
- Conference: 18. International Association for Energy Economics (IAEE) international conference, Washington, DC (United States), 5-8 Jul 1995; Other Information: PBD: 1995; Related Information: Is Part Of Into the Twenty-First Century: Harmonizing energy policy, environment, and sustainable economic growth. Proceedings; PB: 528 p.
- Country of Publication:
- United States
- Language:
- English
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